Senate Banking Committee advances CLARITY Act, clearing way for floor vote

Senate Banking Committee lawmakers advanced the Digital Asset Market Clarity Act of 2025 on May 14 in a 15-9 vote, moving the cryptocurrency market-structure bill to the Senate floor. Chairman Tim Scott said the markup followed months of bipartisan negotiations, while two Democrats — Ruben Gallego of Arizona and Angela Alsobrooks of Maryland — joined Republicans to back the measure. Reuters reported the vote as a milestone for legislation that had been delayed by disputes between crypto companies and banks. H.R. 3633 would create a federal framework for regulating digital assets and divide oversight between the Securities and Exchange Commission and the Commodity Futures Trading Commission, according to the bill text on Congress.gov. The Senate Banking Committee’s majority described the measure as setting “clear rules of the road,” while opponents on the panel said the legislation still leaves gaps on illicit finance and consumer protection. (banking.senate.gov) ### How far did the bill actually move on May 14? The May 14 committee vote did not send the bill to President Donald Trump’s desk. The action advanced the measure out of the Senate Banking Committee and onto the Senate calendar for possible floor consideration, where it would still need approval by the full Senate and then final alignment with the House before becoming law. (congress.gov) The 15-9 tally showed bipartisan support but not a filibuster-proof coalition. CNBC reported that the committee vote was largely along party lines, with Gallego and Alsobrooks joining all Republicans on the panel. ### What does the CLARITY Act do? H.R. 3633 is titled the “Digital Asset Market Clarity Act of 2025,” and the engrossed House text says it would establish a system for regulating the offer and sale of digital commodities through the SEC and CFTC. (banking.senate.gov) The bill text also includes provisions tied to central bank digital currency policy. (cnbc.com) Tim Scott said during the markup that the bill had three goals: protecting consumers, keeping innovation in the United States and safeguarding national security. Senate Banking Republicans said the legislation would impose disclosures, anti-fraud safeguards and anti-money-laundering tools. (congress.gov) ### Why are Democrats split over it? Elizabeth Warren, the committee’s top Democrat, said on May 14 that the panel was considering “a bill written by the crypto industry for the crypto industry.” Warren said the legislation would put consumers, investors, national security and the financial system at risk, and she criticized the committee for moving forward without a public hearing on the bill. (banking.senate.gov) Minority committee staff released a separate advisory on May 14 arguing that the draft fails to close loopholes tied to sanctions evasion, money laundering and decentralized-finance businesses. The advisory said the bill, as written, could create carveouts that criminals and foreign adversaries exploit. (banking.senate.gov) ### What are supporters saying outside the committee room? Cynthia Lummis, the Republican chair of the Senate Banking digital assets subcommittee, was cited by Sora Ventures as calling the committee vote a “historic step forward for digital asset innovation.” The same account said the bill now advances toward a full Senate vote. (banking.senate.gov) Brad Garlinghouse, Ripple’s chief executive, publicly backed the legislation as the Senate prepared to act, according to industry and market coverage published on May 14. Ripple’s leadership page identifies Garlinghouse as the company’s CEO. I could not verify from a primary source the exact “equal protections” wording referenced in your prompt. (sora.vc) ### Is there evidence voters want Congress to act? HarrisX said in a national survey of 2,008 registered voters conducted May 1-4 that 70% believe the United States should already have passed crypto legislation. HarrisX also said 52% supported the CLARITY Act after reading a neutral description of the bill, while 60% preferred clear federal legislation over case-by-case enforcement. (fxleaders.com) Elizabeth Warren cited a separate CoinDesk survey in her opening remarks to argue that crypto ranked low on voters’ list of priorities, saying 1% of respondents named it as their top concern. Those two data points measure different questions: one asks about support for legislation, the other about top election priorities. (harrisx.com) ### What happens next in the Senate? The next formal step is a full Senate vote on the bill after its committee approval on May 14. Reuters said the committee action sets up a broader lobbying fight as the legislation heads to the full chamber, and the Senate Banking Committee’s majority said the bill now moves to the Senate floor. (banking.senate.gov) Congress.gov shows H.R. 3633 was previously received in the Senate and referred to the Banking Committee in September 2025. After the May 14 markup, floor scheduling will determine when senators beyond the committee take it up. (govtrack.us) (usnews.com)