The Republican-led US Senate Banking Committee held a markup session on Thursday, advancing the Digital Asset Market Clarity Act (CLARITY) by a 15-9 vote. The legislation would clarify regulatory oversight of cryptocurrencies by assigning primary jurisdiction to the Commodity Futures Trading Commission (CFTC) for most digital asset trading while preserving SEC authority over tokenized securities.
Committee Chair Tim Scott and Ranking Member Elizabeth Warren led debates as senators considered more than 100 amendments addressing stablecoin yield rules, ethics restrictions, anti-money laundering provisions and sandbox frameworks for emerging technologies. The final vote included support from all 13 Republicans and two Democrats—Senators Ruben Gallego and Angela Alsobrooks—marking a significant milestone for federal crypto regulation.
The bill now proceeds to the full Senate, where supporters will need at least 60 votes to reach the president’s desk. Provisions define criteria for classifying digital assets, set capital and collateral requirements for trading platforms, and mandate reporting standards to enhance market transparency. The legislation also includes measures to foster law enforcement coordination on cross-border crypto crime.
Advocates contend that CLARITY will reduce legal uncertainty, lower compliance costs for digital asset firms and accelerate institutional capital inflows into regulated markets. Critics argue that certain anti-money laundering thresholds remain too lenient and that ethics provisions should bar senior government officials from profiting from digital asset investments.
Solana Policy Institute CEO Miller Whitehouse-Levine commented: “This is a watershed moment for US crypto policy. Congressional action sends a strong signal that the US intends to lead in digital asset innovation and governance.”
With House approval already secured last year, momentum builds toward enacting the bill. Stakeholders across banking, fintech and blockchain sectors are closely monitoring negotiations to ensure that final language balances consumer protection, national security and market efficiency.
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