TLDR
- Recent HarrisX polling reveals 52% of 2,008 registered voters back the CLARITY Act, while just 11% stand against it
- A striking 70% of respondents believe lawmakers should have enacted comprehensive crypto rules by now
- Senate Banking Committee may schedule a markup session for the bill on May 14
- Coinbase’s VP of US Policy Kara Calvert emphasizes the necessity of securing 60 Senate votes and cross-party collaboration
- Burdensome tax reporting requirements, rather than market framework issues, represent the primary obstacle to institutional cryptocurrency involvement
Legislation aimed at establishing a crypto market framework is advancing toward a Senate decision following fresh polling data that demonstrates robust public backing from all political affiliations.
According to a HarrisX poll conducted among 2,008 registered voters nationwide, 52% express support for the proposed legislation, with endorsement spanning Republicans, Democrats, and Independent voters. Opposition stands at merely 11%.
The polling data further indicates that 70% of survey participants think lawmakers should have already enacted comprehensive digital asset regulations. An additional 62% consider it crucial for the United States to establish international standards for digital financial systems.
During her appearance at the Consensus 2026 conference in Miami, Kara Calvert, who serves as Vice President of US Policy at Coinbase, indicated her expectation that the Senate Banking Committee will conduct a markup session for the legislation as soon as next week.
Crypto journalist Eleanor Terrett has reported that committee members are planning to announce the markup session scheduled for a May 14 vote.
Calvert stressed that passage requires a minimum of 60 affirmative votes in the Senate, making Democratic participation essential.
“That means you need Democrats. You need a bipartisan bill, and we have all been working really hard to make sure that bipartisanship holds,” she said.
Senate Support Still in Question
Notwithstanding widespread public approval, the legislation has yet to gain complete bipartisan backing within the Senate Banking Committee. While Committee chair Tim Scott has expressed his intention to move the bill forward with cross-party cooperation, there’s a possibility that Democratic committee members may unanimously oppose it.
Democratic Senator Kirsten Gillibrand has cautioned that the bill faces dim prospects without incorporating an ethics-related provision. Democratic lawmakers are advocating for this addition to confront concerns regarding President Trump’s cryptocurrency business ventures.
Senator Elizabeth Warren, holding a senior position on the Senate Banking Committee, continues to oppose the proposed legislation.
The CLARITY bill experienced a setback in January when Coinbase retracted its endorsement, expressing reservations about protections for open source software developers, restrictions on stablecoin yield generation, and decentralized finance regulatory frameworks.
Tax Rules Remain a Hurdle for Institutions
Calvert emphasized that ambiguous taxation policies constitute the most significant impediment to institutional cryptocurrency participation, surpassing even market structure legislation in importance.
Current IRS regulations mandate that cryptocurrency platforms submit reports for every transaction via 1099-DA forms, regardless of transaction size.
“We’re sending out millions of 1099-DA’s for things like $1 transactions — that makes zero sense,” Calvert said.
She expressed optimism that tax policy improvements could advance through Congress during 2026. She referenced the Digital Asset PARITY Act, put forward by Representatives Max Miller and Steven Horsford in March, as a potential reform model.
Senator Cynthia Lummis responded to the polling results, stating that American voters have clearly communicated their desire for the nation to assume leadership in the digital asset space.
Senator Bernie Moreno, who prevailed over cryptocurrency opponent Sherrod Brown in 2024, anticipates that President Trump may enact the CLARITY Act before Independence Day.
