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2026年05月15日

CLARITY Act Clears Senate Banking Committee 15-9: U.S. Digital Asset Market Framework Enters Final Stretch Toward Independence Day Signing

CLARITY法案、上院銀行委員会を15対9で突破──米国デジタル資産市場の法的枠組みが現実味、トランプ大統領の独立記念日署名へ最終局面

1. Committee Passage and Political Significance

At 10:30 a.m. ET on May 14, 2026, the Senate Banking Committee executive session led by Chairman Tim Scott (R-S.C.) advanced the CLARITY Act by a 15-9 bipartisan vote after more than four hours of debate over 100+ proposed amendments. All 13 Republicans were joined by Democratic Senators Ruben Gallego (Ariz.) and Angela Alsobrooks (Md.). The committee composition of 13 Republicans to 11 Democrats meant Republican-only passage was technically possible, but securing bipartisan momentum was deemed essential to ultimately clear the 60-vote filibuster threshold on the Senate floor.

The bill passed the House of Representatives 294-134 with bipartisan support in July 2025 but stalled in the Senate for over four months, including a January markup postponement and Coinbase's withdrawal of support in early 2026 over stablecoin reward provisions. The breakthrough came in April 2026 when Senators Thom Tillis (R-N.C.) and Angela Alsobrooks negotiated a compromise on stablecoin yield.

2. Three-Category Classification of Digital Assets—The Bill's Foundation

The CLARITY Act's most significant innovation is its functional classification of digital assets into three distinct categories, each assigned to a different regulatory regime.

First, "digital commodities" are defined as digital assets "intrinsically linked to a blockchain system, the value of which is derived from or reasonably expected to be derived from the use of the blockchain system." Bitcoin (BTC) and Ethereum (ETH) are paradigmatic examples, falling under exclusive CFTC jurisdiction. XRP, which the SEC and CFTC jointly classified as a digital commodity through interpretive guidance in March 2026, would have that status codified into federal statute under the bill.

Second, "investment contract assets" are traditional securities-type tokens meeting the Howey test, remaining under SEC jurisdiction. However, the bill creates substantial Securities Act registration exemptions subject to dollar limits and disclosure requirements, providing digital asset projects with workable capital-raising pathways.

Third, "permitted payment stablecoins" are regulated separately under the GENIUS Act enacted in 2025, with the CLARITY Act establishing joint SEC-CFTC oversight of trading activities involving them.

3. SEC-CFTC Jurisdictional Clarity and Industry Impact

The CLARITY Act grants the CFTC exclusive regulatory jurisdiction over digital commodity cash or spot markets—a historic expansion of CFTC authority. Previously, the CFTC held only anti-fraud and anti-manipulation jurisdiction over commodity spot markets without comprehensive oversight. Under the bill, digital commodity exchanges (DCEs), brokers, and dealers must register with the CFTC.

The SEC retains jurisdiction over primary market issuances and investment contract asset registration and disclosure, plus oversight of SEC-registered intermediaries trading digital commodities. Both agencies must jointly issue final rules implementing the framework within 270 days of enactment, including coordinated rulemaking on portfolio margining across securities, swaps, futures, and digital commodity accounts.

For exchanges including Coinbase, Binance, Ripple, and Kraken—targets of aggressive enforcement during former SEC Chair Gary Gensler's tenure—the bill represents a fundamental resolution of business-model uncertainty.

4. Stablecoin Yield Compromise

The most contentious provision—stablecoin yield—pitted banking interests against stablecoin issuers and crypto exchanges. The final compromise prohibits payments "economically or functionally equivalent to the payment of interest or yield on an interest-bearing bank deposit" tied purely to holding, while permitting rewards for activities such as trading, transactions, and staking. This allows platforms like Coinbase and Circle (USDC issuer) to continue rewards programs on user stablecoin balances.

Circle stock rose 15% and Coinbase stock rose 7% around the markup, reflecting market approval of the compromise.

5. DeFi/Developer Protections and Anti-CBDC Provisions

The bill incorporates as Section 604 the substance of Rep. Tom Emmer's (R-Minn.) Blockchain Regulatory Certainty Act (BRCA), shielding open-source blockchain developers, node operators, and transaction validators who do not control customer funds from money transmitter classification—statutorily resolving a gray area that federal authorities had occasionally weaponized against developers.

The bill also carries the short title "Anti-CBDC Surveillance State Act" and prohibits Federal Reserve Banks from directly issuing a central bank digital currency to individuals under Section 602, aligning with Trump administration policy.

Self-hosted wallets receive explicit statutory protection, with federal agencies generally prohibited from banning or restricting their use, while existing Treasury, SEC, CFTC, and banking regulator authority over illicit finance, money laundering, terrorism financing, and sanctions is preserved.

6. Remaining Hurdles—Ethics, Agriculture Committee Reconciliation, Floor Vote

Several hurdles remain before the bill reaches the President's desk. First, reconciliation with the similar version approved by the Senate Agriculture Committee is required. Second, an ethics provision targeting profits from crypto by senior officials, including President Trump's family ventures such as World Liberty Financial, remains under negotiation. White House adviser Patrick Witt indicated at Consensus Miami 2026 that provisions targeting the President specifically would not be tolerated, while across-the-board rules "from the president all the way down to the brand new intern" remain acceptable.

Third, securing 60 votes for cloture in the full Senate is the final test. The GENIUS Act precedent of 68-30 passage in 2025 demonstrates bipartisan possibility. Galaxy Digital estimates a 55% probability of enactment in 2026, while prediction market Polymarket showed 62% odds at the time of the committee vote. Proponents are targeting a July 4 signing by President Trump, though the Memorial Day recess starting May 21 makes scheduling extremely tight. Senator Cynthia Lummis (R-Wyo.) has warned that missing this window could delay enactment to 2030.

7. Market Reaction and Institutional Implications

Following the committee passage, Bitcoin recovered above $81,000. Citi analysts have set a $143,000 base-case Bitcoin target for 2026 contingent on CLARITY Act passage, projecting an additional $15 billion in spot Bitcoin ETF inflows. Standard Chartered similarly targets $7,500 for Ethereum in 2026 and projects $4-8 billion in XRP ETF inflows in a passage scenario.

Tokenized U.S. Treasuries reached a record $15.35 billion in value locked as of May 2026, indicating that the foundation for traditional finance and digital asset convergence is rapidly maturing.

[Business Development Insights]

1. Redesigning U.S. Market Entry Strategies Around the CFTC-Centric Framework For Japanese and Asian crypto firms, the shift in U.S. market access toward a CFTC-registration-centric framework (digital commodity exchanges, brokers, dealers) represents a critical strategic inflection point. With substantially reduced SEC "regulation by enforcement" risk, Japanese players such as SBI VC Trade and Tokyo-based Web3 firms have a fresh opportunity to reconsider U.S. subsidiary establishment or partnerships. Firms that prepare early for CFTC digital commodity broker-dealer registration during the 270-day rulemaking window are likely to capture significant first-mover advantage.

2. Expanded Design Space for Stablecoin Reward Models with Implications for JPY-Pegged Stablecoins The two-tier structure—prohibiting interest-equivalent payments on holdings while permitting activity-based rewards—offers a template applicable to overseas deployment strategies for yen-denominated stablecoins (JPYC, Progmat Coin, etc.). Incentive designs that target "activities" such as trading volume, liquidity provision, and payment usage create new business models that reconcile user acquisition with compliance. Circle's 15% stock surge signals investor confidence in the profitability of reward-bearing stablecoin businesses.

3. Repatriation of Open-Source DeFi Developers to the U.S. and Implications for Japan's Competitive Position If the BRCA integration makes the U.S. a legally safe haven for open-source developers and node operators, developer talent that had been flowing to Singapore, the UAE, and Switzerland may return to America. Japan led on crypto tax reform and stablecoin legislation from 2023 onward but still lags the U.S. in absolute Web3 developer numbers. Japanese stakeholders should not wait for U.S. regulatory clarity but rather accelerate counter-positioning—including JBA-led developer attraction programs, statutory protections for corporate self-custody, and DAO legal frameworks—to maintain competitive parity.

[Sources]

Supervisor

Akihisa Ishida

Cabinet Inc. Founder CEO

Since 2017, He has been consistently engaged in token and NFT utilization, blockchain game planning and development, and NFT-based business development. Having contributed to over 80 blockchain products—including projects for major entertainment companies listed in Tokyo Stock Exchange —He has served in various key roles such as Business Lead, Designer, PM, and Advisor. In 2021, founded Cabinet Inc.

Disclaimer

This report has been prepared solely for informational purposes regarding crypto assets and related markets, and is not intended to recommend, solicit, or offer the purchase, sale, holding, or any other transaction of any specific crypto asset. It does not constitute investment advice, investment solicitation, or the sale or intermediation of financial products as defined under the Financial Instruments and Exchange Act or any other applicable laws and regulations, nor does it constitute tax, legal, or accounting advice.

The information contained in this report is based on sources believed to be reliable at the time of preparation; however, we make no representation or warranty, express or implied, as to its accuracy, completeness, timeliness, or usefulness. Crypto assets are subject to significant price volatility and may result in the loss of principal or other financial losses. Any investment decision shall be made solely at the user's own discretion and responsibility, and we accept no liability whatsoever for any damages arising out of or in connection with the use of this report.

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