With the U.S. Senate Banking Committee passing the CLARITY bill, a crypto market-structure measure, XRP, Solana and Hyperliquid (HYPE) have emerged as coins seen as beneficiaries.

BeInCrypto, a blockchain media outlet, reported on May 14 that the vote moves the bill to a full Senate vote stage and some altcoin holders are also readjusting their perception of regulatory risk.

Market attention has focused on which tokens the bill could directly favor. The bill includes transitional provisions for existing tokens, decentralisation criteria and protective provisions related to decentralised finance (DeFi). That puts tokens linked to exchange-traded funds (ETFs), networks likely to be recognised as mature blockchains and projects with non-custodial DeFi structures in a relatively advantageous position.

XRP is cited first as a direct beneficiary candidate of the transitional provisions. The bill leaves open a path for tokens with approved or under-review ETF products to be classified as products without having to re-prove that they are mature blockchains. XRP has not fully escaped the U.S. Securities and Exchange Commission's (SEC) regulatory scope over secondary-market trading, but the burden could be reduced if it meets the new product definition. One user said on social media, "The CLARITY Act made major progress," adding, "Regulatory alignment is what XRP has been waiting for."

Solana was mentioned as a case with strengths in the DeFi safe-harbor provision and decentralisation criteria. A DeFi safeguard that protects non-custodial developers, validators and liquidity providers from broker registration requirements was cited as a factor. Solana runs one of the largest DeFi ecosystems by trading volume excluding Ethereum, and it is also drawing attention for concentrations of perpetual futures and staking products and tokenised real-world asset (RWA) activity.

Hyperliquid is one of the assets showing one of the strongest reactions to the bill. Hyperliquid operates a fully on-chain perpetual futures exchange on its own layer1, and that structure was highlighted as directly aligning with the DeFi safe-harbor provision. The provision is designed to protect non-custodial protocols from broker and dealer registration requirements while maintaining anti-fraud enforcement. Expectations of gains increased as it has had relatively less past SEC-related regulatory burden and also aligns with the high-volume perpetual futures segment of the crypto market.

The bill is not immediately final. It must secure 60 votes in the full Senate, and a reconciliation process with the House version also remains. More than 100 amendments have already been submitted in the Senate Banking Committee. Depending on stablecoin yield or DeFi-related wording, the scope of benefits for the three tokens could also change.

Key issues ahead are how the provision of stablecoin yield and the wording of DeFi rules are settled. If relevant clauses change, the extent of benefits for XRP, Solana and Hyperliquid could also change. The committee passage has made the regulatory direction clearer, but the actual scope of benefits for each token could be readjusted in the remaining legislative process.