The Senate Banking Committee kicked off markup of H.R. 3633, the Digital Asset Market Clarity Act of 2025, on May 14 — the most ambitious attempt at federal cryptocurrency regulation in U.S. history. Chairman Tim Scott (R-SC) framed the bill around consumer protection, innovation, and national security, but ranking member Elizabeth Warren (D-MA) launched a blistering opposition, calling the legislation 'written by the crypto industry, for the crypto industry.' The clock is tight: if the bill doesn't clear committee before the Memorial Day recess, the legislative calendar resets.
What's in the 219-page bill
The bill has grown by 33,000 words and 219 pages since June 2025, a sign of the bipartisan horse-trading needed to get it this far. Senator Cynthia Lummis (R-WY) called it 'the hardest piece of legislation I've ever worked on' and pointed to the anti-illicit-finance provisions she helped craft. The text aims to create a federal framework for crypto exchanges, stablecoins, and digital asset custody, replacing the patchwork of state-level rules.
Warren's five charges
Warren didn't hold back. She leveled five specific complaints: the bill weakens securities laws, preempts state consumer protections, lets banks load up on risky crypto assets, deepens national security vulnerabilities, and does nothing about alleged Trump administration crypto corruption — she claimed the president and his family gained at least $1.4 billion from crypto deals. She also cited a CoinDesk survey showing only 1% of voters rank crypto as a top concern.
Procedural fight breaks out
The markup hit a procedural snag early. More than a dozen Democratic amendments were ruled out of order. Scott said the issue stemmed from Warren's staff objecting to a Republican amendment, which triggered a review. Over 130 amendments were filed in total. Senator Jack Reed (D-RI) criticized the process, saying working together means allowing amendments to be called up and voted upon. The tension is a preview of a floor fight if the bill survives committee.
What happens next
The committee will continue its work in the coming days, but the Memorial Day recess looms. If the bill stalls, the whole effort resets, and crypto regulation stays in limbo. Lummis acknowledged the difficulty, but Scott insists the bill is a priority. The outcome will determine whether the U.S. gets a single federal crypto rulebook — or whether the industry remains in regulatory no-man's land.
