The CLARITY Act, which has been under discussion for months with input from cryptocurrency companies, banks, and government officials, has passed a significant hurdle and is now closer to becoming law.
The Senate Banking Committee approved the bill with votes from both Democrats and Republicans, clearing the way for a full Senate vote and the next step in making it law.
15–9 Vote Clears CLARITY Act
The bill passed the committee by a vote of 15 to 9, with most members voting along party lines. Senators Ruben Gallego of Arizona and Angela Alsobrooks of Maryland both supported the bill, joining all Republican members of the committee in doing so.
Committee Chair Tim Scott explained the aim is to advance the legislation and create clear rules for the digital economy. He believes that for too long, this sector has operated without clear regulations, causing uncertainty and problems for those building and investing in new technologies. He wants to establish predictable guidelines instead of leaving people to navigate confusing and potentially harmful enforcement actions.
Chair Scott Rejects Democratic Amendments
The hearing covered proposed changes from Democratic senators, focusing on things like the interest rates on stablecoins and efforts to prevent money laundering.
CNBC reports that Scott rejected or voted against the proposed changes because they weren’t properly worded and couldn’t be considered during the proceedings.
Even if the CLARITY Act passes the Senate, it still needs to be approved by the House of Representatives. The House previously passed its own version of the bill last autumn, so a new vote will be necessary.
This could mean lawmakers will need to work out the differences between the Senate and House versions of the bill before it moves ahead.
Featured image created with OpenArt, chart from TradingView.com
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2026-05-14 20:42