The Senate Banking Committee voted 15-9 on Thursday to advance the Digital Asset Market Clarity Act (CLARITY Act), a major piece of federal crypto legislation that would split oversight between the SEC and CFTC and impose registration, disclosure, and compliance rules on exchanges, brokers, and custodians. The bill now heads to the full Senate, where it will be merged with a related bill from the Agriculture Committee before a floor vote.
Who voted yes — and no
All 13 Republicans on the committee supported the bill. They were joined by two Democrats: Sens. Ruben Gallego (D-Ariz.) and Angela Alsobrooks (D-Md.). Ranking Member Elizabeth Warren (D-Mass.) led the opposition, calling the bill "industry-written" and arguing it undermines securities law and preempts state anti-fraud rules. Sen. Raphael Warnock (D-Ga.) voted no, citing ethics concerns tied to President Trump's digital asset business ventures.
Amendments that failed
Committee Democrats offered a series of amendments aimed at national security — targeting mixers, stablecoins, and DeFi illicit finance — as well as ethics amendments related to Trump's crypto holdings (World Liberty Financial). Every amendment fell on an 11-13 party-line vote, with Gallego and Alsobrooks siding with Republicans to block them.
What sponsors are saying
Chair Tim Scott (R-S.C.) called the markup a turning point to end the "regulatory gray zone" for crypto firms. Sen. Cynthia Lummis (R-Wyo.), a longtime crypto advocate, described the CLARITY Act as "the hardest piece of legislation" she has worked on.
What happens next
The bill advances alongside a separate crypto bill from the Senate Agriculture Committee. The two texts are expected to be merged before a floor vote. If the Senate passes its version, it will have to reconcile differences with the House, which passed a different version of the legislation last fall.
