Senate Banking Committee Advances Clarity Act 15-9 in Bipartisan Vote

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The Senate Banking Committee voted 15-9 on Thursday to advance the Digital Asset Market Clarity Act to the Senate floor, with two Democrats joining all of the panel’s Republicans to pass the crypto market structure legislation out of committee. Senators Ruben Gallego and Angela Alsobrooks crossed party lines to support the bill, while several other Democrats signaled they could back the measure on the floor with additional changes.

At Least Seven Democratic Floor Votes Still Needed for Senate Passage

The bill requires a minimum of 60 Senate votes to advance, meaning at least seven Democrats must vote in favor assuming all 53 Republicans support it. While Gallego and Alsobrooks provided the clearest commitments Thursday, other Democrats who did not vote for the bill in committee also suggested they could be persuaded to support it on the floor. Senator Mark Warner was among those who indicated that the right additions to the bill could earn his support.

The roughly 2.5-hour committee hearing grew contentious at points. Two amendments were not debated during the session. One, which Senator Elizabeth Warren said had law enforcement backing, was not brought to a vote. A second amendment related to the tax or regulatory treatment of yield rewards, on terms the banking industry has sought, was also passed over. 

Ethics Provisions and Committee Merger Work Remain Unresolved

Senate Banking Committee and Senate Agriculture Committee members are now expected to merge two separate drafts of the bill. Cody Carbone, head of the Digital Chamber, told reporters after Thursday’s vote that negotiations are ongoing on the Agriculture Committee side as well.

“I imagine the next three weeks on both committees are going to be insanity, and some of the Ag compromises will start to be made,” he said.

A potential ethics provision that would bar senior government officials from profiting off business ties to the crypto industry may be incorporated during that merger process. Senators indicated during the hearing they were close to some form of agreement on the provision, though no details have been released. White House sign-off on any final agreement will also be required. No official hearings or meetings were scheduled as of press time.

Crypto Industry PACs Graded Lawmakers on Thursday’s Vote 

The committee vote came with the crypto industry’s political spending visible throughout the proceedings. The Coinbase-backed Stand With Crypto organization told lawmakers it would grade them based on their votes. Political action committees including Fairshake and Fellowship have already made expenditures ahead of the 2026 cycle, following what industry trackers reported as hundreds of millions of dollars in spending during the 2024 election. 

If the Senate reaches the 60-vote threshold, the bill would move to the House of Representatives, which passed a previous version of the legislation in 2024. 

House Has Attached CBDC Ban Provisions to Unrelated Bills 

House lawmakers have in recent months attempted to attach central bank digital currency ban provisions to multiple pieces of unrelated legislation, including housing bills and the Foreign Intelligence Surveillance Act, raising the possibility of similar attempts should the Clarity Act reach that chamber.