CLARITY Act Markup on May 14 — Seven Senate Democrats Hold the Keys to Crypto's Federal Rulebook!

The CLARITY Act returns to the Senate Banking Committee on May 14, and the outcome hinges on a handful of Democratic votes rather than Republican arithmetic alone. Republicans hold 13 of the committee's 24 seats — enough to push the bill through on party lines — but a narrow partisan vote would leave the measure exposed on the Senate floor, where 60 votes are needed to advance major legislation.

Galaxy Research has mapped seven key Democrats: Ruben Gallego and Angela Alsobrooks are classified as constructive or pro-framework; Mark Warner, Catherine Cortez Masto, Andy Kim and Raphael Warnock as conditional dealmakers whose support depends on stronger illicit-finance and consumer-protection guardrails; and Lisa Blunt Rochester as a genuine swing vote. Elizabeth Warren, Jack Reed, Tina Smith and Chris Van Hollen are expected to oppose.

The Trump administration has set a July 4 target for…