Senate Banking Committee Advances Clarity Act In 15-9 Vote

"The Senate Banking Committee advanced the Digital Asset Market Clarity Act on a 15-9 vote Thursday, with Sens. Ruben Gallego (D‑Ariz.) and Angela Alsobrooks (D‑Md.) joining all 13 Republicans to move the sweeping crypto market structure bill to the full Senate."

"The Clarity Act is the Senate's bid to build a federal framework for digital asset trading, stablecoins and intermediaries, splitting oversight between the SEC and CFTC and setting registration, disclosure and compliance rules for exchanges, brokers and custodians. It now advances alongside a related bill from the Senate Agriculture Committee, with the two texts expected to merge before a floor vote."

"Chair Tim Scott (R‑S.C.) cast the markup as a turning point after years in which crypto firms operated in what he called a "regulatory gray zone" under "outdated rules." He said the bill aims to protect consumers, keep innovation in the United States and "close the doors that criminals, terrorists and hostile regimes have tried to exploit," after months of cross‑party talks that expanded the draft by more than 200 pages."

"Ranking Member Elizabeth Warren (D‑Mass.) led the opposition, arguing the committee should focus on groceries, health costs and credit card rates, not "a bill written by the crypto industry for the crypto industry." Warren warned that the draft "blows a hole" in securities law that has protected investors since 1929, preempts state anti‑fraud rules and allows banks to load up on volatile crypto exposure in ways she link"

The Senate Banking Committee advanced the Digital Asset Market Clarity Act by a 15-9 vote, sending the bill to the full Senate. The measure aims to establish a federal framework for digital asset trading, stablecoins, and intermediaries. Oversight would be split between the SEC and CFTC, with registration, disclosure, and compliance requirements for exchanges, brokers, and custodians. The bill is expected to merge with a related measure from the Senate Agriculture Committee before a floor vote. Supporters describe the bill as closing a regulatory gray zone and protecting consumers while preserving U.S. innovation. Opponents argue the bill is industry-written, not ready, and would weaken securities law protections and preempt state anti-fraud rules.

Read at Bitcoin Magazine