Congress is poised to vote on the latest draft of the Clarity Act, a 309‑page bill that would reshape U.S. crypto regulation. The Senate Banking Committee will mark up the proposal Thursday, after the House passed a version last summer. Industry groups see the measure as a way to lock in the significant deregulatory gains made under the Trump administration.

Crypto firms and their PACs poured more than $130 million into the 2024 election, financing candidates who promised friendly treatment. In return, lawmakers approved the GENIUS Act, easing rules for stablecoins, and cleared the House version of the Clarity Act with a 294‑134 vote. Yet Coinbase withdrew support on an earlier draft after a banking‑backed provision threatened its interest‑bearing stablecoin product.

Banking lobbyists argue the bill still lets exchanges sidestep deposit‑rate bans, risking a shift of funds from traditional banks to stablecoins. Senators like Elizabeth Warren warn the legislation could erode enforcement tools and expose investors to fraud. With midterm elections looming, the markup will likely become a partisan showdown that could determine whether Washington cements a crypto‑friendly regulatory regime.