The most important 309 pages in crypto just dropped, and the vote is Thursday. The Senate Banking Committee released the full CLARITY Act draft and locked in a markup vote for May 14 at 10:30 AM ET. This is the biggest U.S. crypto policy moment since the House passed it with 294 votes last July. Here's what the bill settles: · Decentralized assets go under CFTC, not SEC · DeFi developers exempt from broker registration · The SEC-CFTC joint classification of 16 tokens as digital commodities (including ETH, SOL, XRP) becomes federal law, not just guidance a future admin can reverse · Stablecoin yield gets a legal framework: issuers cannot pay interest simply for holding balances (protecting bank deposits), but rewards tied to bona fide transactions are allowed. Senators Tillis and Alsobrooks brokered this compromise Over 120 crypto firms co-signed in support. On the other side, three major banking groups (ABA, BPI, ICBA) filed formal opposition on the same day. The biggest wildcard: ethics. The 309-page draft contains zero provisions restricting government officials from profiting off crypto while regulating it. Senate Democrats, led by Gillibrand, say the bill cannot move without one. Warren pointed out that the president and his family have made at least $1.4 billion from crypto deals alone with no guardrails in this legislation. This provision was in earlier negotiations since September 2025 but was stripped entirely from the final text. Passage needs all 13 Republican committee votes. Polymarket currently puts the odds of the CLARITY Act being signed into law by end of 2026 at around 69-75%, though those odds have swung from 45% to 75% in the past two weeks alone. Thursday morning could define crypto's regulatory landscape for the next decade. What's your read: does the ethics fight stall this, or does momentum carry it through? #CLARITYAct309Pages