After months of work across party lines, the Senate Banking Committee passed the CLARITY Act on Thursday by a vote of 15 to 9. This sends the bill, which aims to establish rules for the crypto market, to the full Senate for consideration.
The committee voted to advance the bill with support from all 13 Republicans, as well as Senators Ruben Gallego and Angela Alsobrooks. This is the most important step the Senate has taken so far towards creating rules for digital assets in the U.S.
Two democrats back the bill, with reservations
Both Gallego and Alsobrooks made it clear that their votes in committee shouldn’t be seen as a guarantee they’ll support the final version of the bill.
Alsobrooks explained that she dedicated over nine months to crafting agreements that would safeguard consumers and prevent people from withdrawing their money from banks, all while encouraging new ideas and development in the financial sector.
I voted in favor of moving the bill forward today as a sign of good faith. However, there are still some things that need to be worked out before I can fully support it when it comes up for a final vote in the Senate.
Gallego also stated that negotiators still have to agree on ethical guidelines and combine the current banking bill with related efforts in the Senate Agriculture Committee.
Ethics amendment and banking concerns
A key amendment, proposed by Chris Van Hollen, would prevent top government leaders – including the President and Vice President – from owning or being involved in cryptocurrency businesses.
Senator Van Hollen introduced an amendment intended to avoid conflicts of interest and make financial dealings more open to the public. However, it didn’t pass – the vote was 11 to 13 – because Republicans believed the proposed penalties were a matter for a different committee to handle.
Senator Catherine Cortez Masto’s attempt to add a provision about stablecoins to a bill failed because it was deemed improper and wasn’t allowed a vote. Banks, through the American Bankers Association, worry that stablecoins offering interest could attract money away from traditional bank accounts.
Those concerns remain a point of negotiation as the legislation moves forward.
Bipartisan support for technical amendments
Amendments proposed by Senator Cynthia Lummis, mostly technical in nature, gained support from both Democrats and Republicans, with some passing by votes of 18 to 19. These votes indicated that even senators who had concerns about the bill as a whole were willing to agree on smaller changes.
Stocks in companies connected to cryptocurrency rose in value as discussions about the bill continued. Coinbase saw a significant increase in its share price, and other companies like Circle Internet Group, Galaxy Digital, and Strategy also experienced gains, likely due to investor optimism about the bill’s progress.
Next stop: The Senate floor
As a researcher following this legislation, I understand the CLARITY Act is now moving to the Senate for further discussion. Senators are expected to work on combining this bill with a similar one currently being considered by the Agriculture Committee, essentially merging the two into a final version.
If passed, this bill would create national rules for the growing market of digital assets, covering things like cryptocurrency exchanges, brokers, and companies that create and sell these tokens.
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2026-05-14 20:50