Bitcoin Magazine
Senate Banking Committee Advances Clarity Act, Two Democrats Break Ranks in 15-9 Vote
The Senate Banking Committee advanced the Digital Asset Market Clarity Act on a 15–9 vote Thursday, with Sens. Ruben Gallego (D‑Ariz.) and Angela Alsobrooks (D‑Md.) joining all 13 Republicans to move the sweeping crypto market structure bill to the full Senate.
The Clarity Act is the Senate’s bid to build a federal framework for digital asset trading, stablecoins and intermediaries, splitting oversight between the SEC and CFTC and setting registration, disclosure and compliance rules for exchanges, brokers and custodians. It now advances alongside a related bill from the Senate Agriculture Committee, with the two texts expected to merge before a floor vote.
Chair Tim Scott (R‑S.C.) cast the markup as a turning point after years in which crypto firms operated in what he called a “regulatory gray zone” under “outdated rules.”
He said the bill aims to protect consumers, keep innovation in the United States and “close the doors that criminals, terrorists and hostile regimes have tried to exploit,” after months of cross‑party talks that expanded the draft by more than 200 pages.
Sen. Cynthia Lummis (R‑Wyo.), who leads the committee’s digital assets panel, called the Clarity Act “the hardest piece of legislation” she has worked on across decades in state and federal office. She described it as a “case of first impression” that tries to fit new asset types and software into a regulatory code built for earlier markets.
BREAKING: Senate Banking Committee PASSES the Clarity Act in 15-9 vote.The bill now goes to the full Senate. pic.twitter.com/TCs6T283y2— Bitcoin Magazine (@BitcoinMagazine) May 14, 2026
Warren’s camp: “industry‑written” and “not ready”
Ranking Member Elizabeth Warren (D‑Mass.) led the opposition, arguing the committee should focus on groceries, health costs and credit card rates, not “a bill written by the crypto industry for the crypto industry.”
Warren warned that the draft “blows a hole” in securities law that has protected investors since 1929, preempts state anti‑fraud rules and allows banks to load up on volatile crypto exposure in ways she linked to pre‑2008 practices.
She said the bill “declares open season on defrauding American consumers who use crypto,” and accused Republicans of advancing a framework that helps “the President of the United States’ crypto grift.
Sen. Raphael Warnock (D‑Ga.) tied his no vote to ethics concerns, calling President Donald Trump’s digital asset business ties “pure corruption” and faulting Republicans for refusing enforceable conflict‑of‑interest rules for all elected officials, including the president and vice president.
Illicit finance, mixers and stablecoins
National security concerns drove a series of Democratic amendments that Republicans rejected in 11–13 votes. W
