Progress on the so-called CLARITY Act had been on hold since January amid a dispute between American banks and crypto companies.

But following a recent compromise between the two sides, the Senate Banking Committee is preparing to hold an executive session on the matter on May 14, Reuters reported.

Crypto companies have been campaigning for this bill, the report added. They say it is vital to the future of the U.S. digital asset space, and needed to address longstanding issues for their business. The legislation would, among other things, define when crypto tokens are securities, commodities or otherwise, providing the industry…