TL;DR
-
The Senate Banking Committee got the Crypto Clarity Act to a 15-9 bipartisan approval by the committee, which advances it to the next steps.
-
Two Democrats voted in support, though many others are reserving their sentiment until important issues can be worked out
The crypto industry’s long push for federal regulatory clarity in Washington took a major step forward Thursday as the “Digital Asset Market Clarity Act” cleared a key Senate committee vote after months of delay.
The Senate Banking Committee advanced the bill in a 15–9 bipartisan vote, following a last-minute procedural shift that allowed additional amendments and helped secure support from some Democrats. The legislation had previously been stalled for roughly four months.
Committee Chairman Tim Scott described the process as unusually collaborative, saying, “This process has been one of the most informative and challenging processes I've been through as a United States senator,” and expressing optimism that remaining issues could still be resolved.
The bill now moves toward consolidation with a separate version already passed by the Senate Agriculture Committee, setting up a broader legislative package that could eventually reach a full Senate vote and later the House of Representatives.
Tense Negotiations and Late-stage Amendments
While the morning session began with partisan disagreements, behind-the-scenes negotiations led to compromises on several amendments — including provisions addressing investor protections, bank participation in crypto markets, and definitions for decentralized finance (DeFi) systems.
Senator Elizabeth Warren criticized the revised process, arguing the changes did not go far enough to address systemic risks, while Senator Mark Warner supported stronger safeguards around DeFi classification.
Despite objections, the amendments gained broad bipartisan backing, helping shift the final vote in favor of advancing the bill. Senators Ruben Gallego and Angela Alsobrooks joined Republicans in supporting the measure after participating in negotiations.
This latest development comes after the US Securities & Exchange Commission (SEC) Chair Paul Atkins outlined a more forward-looking regulatory approach to on-chain finance. Atkins also voiced his support for the Clarity Act.
Industry Calls it a “Defining Moment.”
Crypto industry advocates welcomed the development as a significant milestone. Blockchain Association CEO Summer Mersinger called the vote a “defining moment,” arguing it reflects growing bipartisan recognition of the need for clear digital asset rules.
However, major obstacles remain before the bill can become law. Key unresolved issues include safeguards against crypto-related financial crime and proposed ethics rules restricting government officials’ involvement in the industry.
Industry lobbyists say a final compromise on ethics provisions will be critical for securing the 60 votes needed for passage in the full Senate.
The ethics debate has emerged as a central sticking point, particularly given concerns over potential conflicts of interest involving political figures and crypto-related ventures. White House adviser Patrick Witt indicated that any provision targeting specific individuals would be rejected, emphasizing the need for broadly applied rules.
With Congress facing a limited legislative calendar ahead of summer recess and the upcoming election cycle, supporters of the bill are pushing for rapid agreement before momentum fades.
As Senator Alsobrooks noted, “We still have so much work to do,” underscoring that Thursday’s vote represents progress — but not final resolution — in the long-running effort to establish U.S. crypto regulation.
