PANews reported on May 12th that, according to The Block, investment bank TD Cowen stated that the U.S. Senate Banking Committee will vote on the CLARITY bill, a cryptocurrency market structure bill, on May 14th. However, this does not mean the bill will become law; the vote simply shifts the battleground to the full Senate. TD Cowen Managing Director Jaret Seiberg pointed out that the bill still faces "significant hurdles," including issues related to stablecoin yields, ethical or conflict-of-interest clauses, etc. Even if it passes the Banking Committee, it needs to be merged with the Senate Agriculture Committee version and obtain 60 votes in the Senate.

Seiberg believes that the stablecoin yield issue makes it difficult to simultaneously satisfy the needs of Coinbase, the crypto industry, and banks, and Congress typically avoids choosing between powerful interest groups. Ethics clauses are an even bigger obstacle; even the most pro-crypto Democratic senators would not support a bill without ethics clauses, and Trump is unlikely to sign a bill targeting his family's crypto business. Seiberg previously predicted that the bill might be delayed until 2027, with the final rule potentially taking effect in 2029.