The bill passed out of committee with support from all 13 Republican members, plus two Democrats: Ruben Gallego and Angela Alsobrooks. Nine Democrats opposed it. This vote came after a flurry of over 100 proposed changes from senators of both parties, including over 40 submitted by the committee’s ranking member, Elizabeth Warren.
The hearing began with Committee Chair Tim Scott explaining the bill as a way to protect consumers, encourage the growth of cryptocurrency within the US, and protect national security related to digital assets. Senator Warren disagreed, arguing the bill was created by and for the cryptocurrency industry, and suggested Republicans were intentionally trying to benefit former President Trump’s crypto ventures. She stated that no part of the bill was included without the approval of the crypto industry itself.
Senator Cynthia Lummis, a strong Republican supporter of the bill, defended it, calling it a framework that would both help law enforcement and protect consumers. However, Democratic Senator Jack Reed countered that the bill wasn’t created through real compromise, and criticized Scott for rejecting Democratic proposals without good reason.
During the debate, most changes were voted on based on party affiliation. One proposal by Senator Scott to create a safe space for testing AI regulations was approved. However, several suggestions from Senator Warren to close loopholes related to digital tokens and prevent money laundering – including concerns about Iran using Bitcoin to collect fees from ships – didn’t pass. Republicans unanimously defeated an amendment from Senator Van Hollen that aimed to address potential conflicts of interest with Trump’s financial ventures and digital currencies promoted by his family. Similarly, a measure proposed by Senator Smith to prevent government bailouts of cryptocurrency companies if the market crashed also failed on a party-line vote.
Now that the bill has passed the House, it goes to the Senate. It will need 60 votes to pass there, which means several Democrats will have to vote with the Republicans. After the Senate votes, the House will need to approve the changes before the bill can be sent to the President to be signed into law.
Kristin Smith, President of the Solana Policy Institute, explained to Cointelegraph that getting bills considered by the Senate is challenging. However, if a bill passes the Senate with enough support, she anticipates the House will likely approve the same version, allowing it to be sent to the President for approval.
The vote on Thursday comes after a long period of unsuccessful talks and is considered a major turning point for the US cryptocurrency market, comparable to the approval of Bitcoin exchange-traded funds (ETFs) earlier in 2024. Bitcoin was valued at $80,542 when this was reported.
Read More
- Silver Rate Forecast
- Pi Hotel Vietnam: First to Accept Pi Coin Payments in Real-World Transactions
- Brent Oil Forecast
- EUR NZD PREDICTION
- EUR CNY PREDICTION
- GBP CAD PREDICTION
- Berkshire’s Billions: Abel Keeps the Purse Strings Tight, Bitcoin Still a ‘Rat Poison’ Affair
- Quantum Computers vs. Bitcoin: Will Your Coins Vanish Faster Than Your Ex’s Texts?
- USD IDR PREDICTION
- Ripple’s CEO Reveals Shocking Truth About CLARITY Act!
2026-05-15 05:18