The Senate Banking Committee voted 15-9 yesterday to advance the CLARITY Act, a sprawling crypto regulatory bill that now heads to the full Senate. The markup session was contentious — multiple Democratic amendments were shot down along party lines, and Senator Elizabeth Warren tore into the legislation as a giveaway to the industry.
Warren's critique
Warren didn't hold back. She called the CLARITY Act a 'pro-industry crypto bill' that prioritizes digital assets over the rising costs hitting American families. To back her point, she cited a CoinDesk survey showing just 1% of voters rank cryptocurrency as their top concern. She also claimed President Trump and his family have made $1.4 billion from crypto deals since taking office last year — a figure the White House hasn't directly addressed.
Amendments that failed
Democrats offered a handful of amendments during the markup. All were rejected on 11-13 party-line votes. The list included measures targeting national security loopholes, access to Epstein-related bank records, liability rules for decentralized finance projects, and restrictions on crypto in retirement accounts. Each failed without a single Republican crossing over.
Scott's framing
Committee Chairman Tim Scott framed the bill differently. He argued the CLARITY Act modernizes outdated financial rules, prevents innovation from moving overseas, and strengthens anti-money laundering tools. For Scott, the vote was about keeping crypto development inside U.S. borders — and handing regulators clearer authority over a market that's mostly operated in a gray zone.
The bill now moves to the Senate floor. No vote date has been set. With a tight calendar and other priorities, its path isn't guaranteed — even if yesterday's vote suggests the GOP is largely unified behind it. Warren has already signaled she'll fight it on the floor.
