The CLARITY Act is heading for a Senate Banking Committee vote on May 14, and a new analysis from Digital Oil has already flagged the biggest winners if the bill passes. The report names U.S. citizens, Ethereum holders and stablecoin issuers among the top beneficiaries — while explicitly excluding XRP from the list.
Who Digital Oil says wins most
Digital Oil puts U.S. citizens at the top. The firm argues the bill would reduce regulatory uncertainty and strengthen investor protections, giving retail participants a clearer playing field. Ethereum (ETH) is expected to gain significantly: the analysis suggests ETH could be classified as a digital commodity, which would unlock institutional investment that's been sitting on the sidelines.
That classification is also great news for Tom Lee and his firm Bitmine (BMNR). Lee is one of the largest known Ethereum holders, and the report positions Bitmine as a direct beneficiary. Chainlink (LINK) also makes the cut as the leading oracle network in a regulated market — more institutional on-chain activity likely means more demand for its services.
Stablecoins and exchanges
Circle, the issuer of USDC, is named as a major beneficiary. The CLARITY Act's compromise — banning yield on stablecoins but permitting activity-based rewards — keeps a door open for innovation without crossing the banking lobby's red line.
Coinbase and Robinhood are highlighted as the key retail exchanges that would benefit from clearer regulatory pathways. Both have long pushed for federal rules to replace the patchwork of state-level oversight.
One notable omission
XRP didn't make the list. Digital Oil explicitly excludes it from its winners, despite community speculation that the token could gain as a cross-border bridge asset under a friendlier regime. The report doesn't elaborate on why, but the omission is a clear signal that not every legacy project will ride the wave.
The Senate Banking Committee vote on May 14 will be the first real test of whether the bill has enough support to move forward. If it passes, the next stop is the full Senate floor.
