PANews reported on May 8th, citing Cointelegraph, that Kara Calvert, Coinbase's Vice President of US Policy, stated at the Consensus conference that the CLARITY Crypto Market Structure Act could be considered by the US Senate Banking Committee as early as next week. She noted that the bill requires at least 60 votes to pass the Senate and must secure bipartisan support. Calvert also stated that the lack of a coherent tax policy is a major obstacle to institutional adoption of cryptocurrencies, with current regulations requiring exchanges to file a 1099-DA form for every transaction, even those as small as $1. She hopes that tax reform legislation will make progress by 2026.