Kara Calvert, Vice President of US Policy at Coinbase, expects that the CLARITY Act (the crypto market structure bill in the US) may go through the markup process in the Senate Banking Committee as early as next week.
She said the bill needs at least 60 votes in the Senate and requires bipartisan support (Democrats and Republicans) to pass.
According to her, it remains uncertain how the vote will shift in the coming days, but there is pressure to establish clearer federal crypto regulations.
A HarrisX poll also shows that 70% of voters want clear crypto laws, while 62% want the US to be a leader in setting global digital financial regulations.
However, the CLARITY Act previously stalled in January after Coinbase withdrew support due to several issues, including legal protections for open-source software developers, a ban on stablecoin yields, and DeFi regulations.
Additionally, Calvert emphasized that crypto taxation is the biggest barrier to institutional adoption, more important than market structure.
She said institutions wanting to invest in crypto are burdened with complicated tax compliance requirements, including transaction reporting using form 1099-DA for every small transaction.
She also criticized the system as impractical, such as having to report transactions as low as $1.
Calvert hopes crypto tax reforms can be passed in 2026, with several related bills already introduced in the US Congress.
