Kara Calvert, Vice President of US Policy at Coinbase, expects the CLARITY Act (a bill to structure the US crypto market) to pass the Senate Banking Committee as early as next week.
She said the bill would need at least 60 votes in the Senate and would require bipartisan support (Democrats and Republicans) to pass.
According to her, it remains to be seen how the vote will turn out in the coming days, but there is pressure to create clearer crypto regulations at the federal level.
A HarrisX poll also showed that 70% of voters want clear crypto laws, while 62% want the US to be a leader in setting global digital finance regulations.
However, the CLARITY Act previously stalled in January after Coinbase withdrew its support over several issues, including legal protections for open source software developers, a ban on stablecoin yields, and DeFi regulations.
In addition, Calvert emphasized that crypto taxes are the biggest obstacle to institutional adoption, more important than market structure.
He said institutions looking to invest in crypto are burdened with complicated tax compliance requirements, including reporting transactions using 1099-DA forms for every small transaction.
He also criticized the system, which he said was impractical, such as having to report transactions as low as $1.
Calvert hopes crypto tax reform can be passed by 2026, with several related bills already being introduced in the US Congress.
