On May 14 (this Thursday), the U.S. Senate Banking Committee will hold a key review and vote on a major digital-asset regulatory bill known as the “Clear Act.”

At the heart of this bill is the long-awaited establishment of a federal regulatory framework—clearly defining the SEC’s and CFTC’s jurisdictions—so as to provide the crypto industry with long-sought legal certainty.

🗳️ Why is the May 14 vote so important?

· Confirmed voting schedule: On May 14 (Thursday), the U.S. Senate Banking Committee will formally review this bill.
· Early signs of market impact: As the bill’s outlook turns more optimistic, the predicted probability of passage within 2026 has been raised to 55%–69%. Market sentiment has been boosted, prompting Bitcoin’s price to rebound briefly to $78,000.
· High-profile SEC endorsement: A few days before the vote, the SEC Chair publicly endorsed the bill, saying that clear legal guidance can provide long-term certainty for the industry and prevent innovation from flowing to other countries due to regulatory uncertainty.
· Extremely tight timeline: The August congressional recess is approaching, after which the heated midterm election cycle will begin. This may be the best window for 2026 legislation; if it fails again, related discussions could be delayed by several years.

❗️ The focus of the game: stablecoin yield and anti-manipulation provisions

Beneath the apparent progress, several major controversies are hidden—these are also the key to whether the bill can succeed:

· Dispute over stablecoin interest: This is the biggest core battleground, and it was also the main reason the bill stalled last January. The current compromise is to prohibit paying interest on passively held stablecoins, but allow rewards for payment and transaction activities. At the same time, banks and crypto companies still have significant disagreements on this detail.
· Deletion of anti-manipulation provisions: Three companies, including Coinbase, succeeded in pushing for the removal of a clause requiring exchanges to list only assets that are “difficult to manipulate,” arguing that the clause would stifle innovation.
· Ethical clause dilemma: An influential Republican senator who is about to retire publicly demanded that the bill include strict ethical provisions to limit federal officials from getting involved in cryptocurrency. This move is widely seen as targeting the large crypto operations of the Trump family and has become a major obstacle to the bill’s progress.

⚖️ Competing interests: the standoff among banks, exchanges, and regulators

· Sponsors and time pressure: The bill is led by Republican Senator Tim Scott and others. If the bill fails to pass committee review in May, the legislative process could be delayed by several years.
· Three-party positions on the key disagreements:
· Banking industry: Concerned that large capital outflows from the regulated banking system could threaten financial stability.
· Exchanges: Want the bill to clearly define regulation to attract capital back to the United States, but want the rules to be more flexible.
· Regulators: The SEC has stated its support for the legislation, while also researching how rules for on-chain markets should be formulated.

📝 Summary

The outcome of the May 14 vote will directly determine the bill’s fate this year. If it is passed, it will bring legal certainty to the crypto industry and is viewed as a major positive; if it is blocked again, regulatory uncertainty may be prolonged.