Daily Observation of Crypto Concept Stocks: Analysis of CLARITY Act 100+ Amendments - Where is the Real Game in Today's Markup?
On May 14, 2026, it was announced. As of this morning, before the markup opening, the Senate Banking Committee has received over 100 amendments, marking the highest number of amendments for a legislative vote in the committee's history. The number itself does not represent danger—analysts unanimously believe that the vast majority of amendments will be rejected—the real game is focused on three key battlegrounds: the retention or removal of the word "solely" in the stablecoin yield provisions, the inclusion method of ethical provisions, and the scope definition of the blockchain developer exemption clause. The voting results on these three battlegrounds will directly determine the regulatory compliance costs and valuation center for Coinbase Global, Inc. (NASDAQ: $COIN) and Circle Internet Group, Inc. (NYSE: $CRCL).
1. The Nature of 100+ Amendments: Negotiation Tools Rather Than Bill Killers
According to CoinDesk on May 13, the vast majority of over 100 amendments come from Democratic Senators Elizabeth Warren and Jack Reed, characterized by analysts as a "wish list" rather than expected substantive approvals; the Republican majority in the committee (13 to 11) means that Chairman Scott can control the order of amendment reviews and systematically veto Democratic amendments. The bill "is expected to advance in the form approved by the committee" is a common judgment among several CoinDesk analysts and Benzinga; the key swing variable is Senator John Kennedy (Republican, Louisiana), whose position is unrelated to crypto policy and is the only uncertain factor affecting the final vote count.
2. The First Key Battleground: The Billion-Dollar Meaning of the Word "Solely"
The most controversial technical detail in the stablecoin yield provisions is whether the bill text should include the word "solely"—that is, prohibiting the payment of interest or yields "solely due to holding stablecoins." Retaining "solely" means that rewards linked to real business activities (transactional rewards) are still allowed, which is the core protection of the Tillis-Alsobrooks compromise; the amendment proposed by Senator Jack Reed calls for the removal of "solely," extending the ban to all forms of yield arrangements, effectively overturning the Tillis-Alsobrooks framework. For Circle Internet Group, Inc. (NYSE: $CRCL), the retention of "solely" directly determines the legality of its USDC activity incentive income; for Coinbase Global, Inc. (NASDAQ: $COIN), the continuation of the USDC reward-sharing model also relies on this provision. If the Reed amendment is unexpectedly approved, the market valuation of stablecoin income for both companies will face an immediate downgrade.
3. The Second Key Battleground: The Inclusion Method of Ethical Provisions
The 309-page draft does not include ethical restrictions on crypto holdings for government officials; Chairman Scott's strategy is to postpone this game to the merger phase with the Senate Agriculture Committee to avoid the bill being vetoed at the committee stage due to strong opposition from the White House (related to the Trump family's crypto interests). Senator Gillibrand clearly stated at Consensus Miami that without ethical provisions, she would be unable to support the bill in obtaining 60 votes in the full Senate—CoinDesk commissioned HarrisX survey data shows that 73% of registered voters support this requirement, giving Gillibrand political leverage in the next phase of negotiations. The ethical provision game in today's markup is essentially not about the voting outcome, but whether Scott can advance the bill with a sufficiently wide vote margin while leaving room for compromise on ethical provisions in the next phase.
Three Valuation Paths from Today's Markup Results
Today's markup began at 10:30 ET and may last the entire workday. For investors holding crypto concept stocks, three clear valuation paths can be discerned: clean passage (banking amendments rejected, "solely" retained, ethical provisions left for the next phase)—the market reacts positively immediately, Polymarket's probability of bill passage is revised up from about 62%, and Coinbase and Circle enter a phase of regulatory discount recovery; passage with amendments (removal of "solely" or narrowing of activity incentive criteria)—the bill framework is established but the risk of income erosion increases, with market reactions leaning neutral to mildly negative; markup being pulled or postponed—substantially closing the 2026 legislative window, Senators Lummis and Moreno both warn that the next feasible window will be delayed until 2030, and the crypto concept stock sector will face systemic valuation re-discounting. The result of today's markup will be the most significant single policy event tracked in this series, and tomorrow's content will present the complete voting results and market response analysis in real-time.
Data source: https://bbx.com/ Crypto Concept Stock Information Database, compiled based on yesterday's announcements from global listed companies and SEC/TSE disclosure documents.
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