May 14th (Thursday) at 10:30 AM, the U.S. Senate Banking Committee will hold a markup (committee review) of the CLARITY Act (Digital Asset Market Clarity Act, H.R.3633). The market has been speculating that "legislation passing = big positive"—but this is only the first step in the Senate's process.

The bill was passed by the House in July 2025 (294-134), but has been stuck in the Senate for over half a year. May 14th is just an internal markup within the Banking Committee; after that, it must go through: full committee vote → Senate full chamber vote → reconciliation between the two chambers → presidential signature. Any step getting stuck means it won't become law.
The core reason for the Senate dragging this out is the stablecoin yield clause. Senators Tillis and Alsobrooks recently reached a compromise (limiting passive holdings of reserve reserves' yields while retaining active use rewards), but whether it can hold until the full chamber vote is still uncertain.
So when May 14th actually arrives, the "positive news exhausted" scenario is highly likely. The "legislative D-day (decision day)" is not the start of a rally, but more likely the end of an excuse.