In May, the US Securities and Exchange Commission (SEC) will host a discussion with officials from the SEC and the Commodity Futures Trading Commission (CFTC), along with leaders from the crypto industry. They’ll be discussing who should oversee the rules for digital asset markets. This meeting is one of the last steps before the Senate Banking Committee is expected to vote on the proposed legislation the week of May 11th.
Summary
- The SEC roundtable on the CLARITY Act is set for May 2026 and will address the central jurisdictional question of whether specific digital assets are regulated by the SEC or the CFTC under the proposed market structure framework.
- Senator Tim Scott confirmed he has now secured Tillis and additional Republican votes for the markup, but Senator John Kennedy continues to withhold support, leaving the goal of 13 of 13 Republican votes unmet.
- Senator Thom Tillis separately raised a new hurdle: law enforcement groups oppose a DeFi provision in the bill that would protect developers from liability for users’ illicit activities on their platforms, adding a fresh unresolved issue to the calendar.
Following a joint statement with the CFTC in March identifying 16 digital assets as commodities and outlining a potential legal framework, the SEC is planning a roundtable discussion in May 2026. This coincides with the Senate Banking Committee’s goal to begin reviewing the CLARITY Act the week of May 11th – marking the first steps towards making the proposed rules permanent law since the Senate returned from break. According to reports, the committee missed an earlier deadline in April because time was taken up confirming a new member, leaving only eight business days before the Memorial Day break to consider the bill.
As reported by crypto.news, Senator Lummis cautioned at the Bitcoin 2026 Conference that the current political support for the CLARITY Act is unusual and could easily disappear. She warned that if the bill doesn’t pass before May 21st, the next chance won’t come until 2030. This makes the SEC’s recent roundtable discussion more than just a fact-finding session – it suggests the agency is prepared to put the legislation into action, which is what Senate Republicans are waiting for. Senator Scott stated on Fox Business that he now has the support of Senator Tillis and other Republicans, aiming for unanimous Republican backing, though Senator Kennedy remains unconvinced. crypto.news also reported that Senator Tillis added a new requirement on May 1st, stating that lawmakers must first address concerns from law enforcement regarding responsibility for DeFi developers before the bill can move forward – a complication that wasn’t revealed until this week.
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2026-05-02 13:54