Senate Banking Committee advances Clarity Act

The Senate Banking Committee advanced the CLARITY Act on May 14 in a 15-9 vote, moving the crypto market-structure bill to the Senate floor after months of negotiations. The measure, H.R. 3633, would set a federal framework for digital assets and divide oversight between the Securities and Exchange Commission and the Commodity Futures Trading Commission. (thehill.com) The vote gave Senate Republicans a committee win on a long-running industry priority, but it did not settle the bill’s path through the full chamber. (thehill.com) The Hill reported on May 20 that several political and policy disputes remain unresolved before any final Senate passage. ### Which bill actually moved, and what does it do? H.R. 3633 is formally titled the Digital Asset Market Clarity Act of 2025, according to Congress.gov. The bill text says it would create a system for regulating digital commodities, assign major roles to the SEC and CFTC, and include provisions barring the use of a central bank digital currency for monetary policy. The Senate Banking Committee described the measure as a market-structure bill that would establish “clear rules of the road” for digital assets. In a fact sheet released May 12, the committee said the bill would apply Bank Secrecy Act requirements to digital-asset brokers, dealers and exchanges, including anti-money-laundering programs, suspicious activity monitoring and sanctions compliance. (thehill.com) ### Who supplied the votes that got it out of committee? The 15-9 committee vote included support from two Democrats, according to The Hill. Sens. Ruben Gallego of Arizona and Angela Alsobrooks of Maryland joined Republicans after what The Hill described as last-minute maneuvering to secure a bipartisan result. (congress.gov) The Hill reported that both Democrats also signaled their support was not guaranteed through final passage. That matters because Senate supporters will need a wider coalition on the floor than they needed in committee. (banking.senate.gov) ### Why are banks still fighting over the bill? Traditional banks and their trade groups have focused on the bill’s treatment of stablecoin yield, according to American Banker. The publication reported before the markup that banks were pushing for stronger protections and arguing the bill did not go far enough on that issue. (thehill.com) American Banker also reported during the markup that Chairman Tim Scott rejected Democratic requests to vote on an amendment backed by banking interests that would have changed the yield provision. That dispute has left one of the industry’s main objections unresolved as the bill heads toward the floor. (thehill.com) ### How many votes does it still need in the full Senate? The Hill reported that the bill will need at least eight Democratic votes on the Senate floor. Republicans can move a bill out of committee with a simple majority there, but floor passage in the Senate often requires a broader bipartisan coalition to clear procedural hurdles. (americanbanker.com) Chairman Tim Scott said after the markup that the bill “now moves to the Senate floor.” That statement confirmed the formal next step, but it did not provide a date for floor action. (americanbanker.com) ### Is this the same thing as the Senate stablecoin bill? The Senate’s CLARITY Act is a broader crypto market-structure bill, while the GENIUS Act is a separate Senate bill focused on payment stablecoins, according to Congress.gov. The GENIUS Act, introduced as S. 1582, establishes a regulatory framework for payment stablecoins and permitted issuers. (thehill.com) That distinction has mattered in coverage because some reports have referred to stablecoin policy and broader crypto regulation in the same debate. The next formal milestone for this measure is Senate floor consideration of H.R. 3633, where supporters will need to hold the two Democratic committee votes and add more Democrats to advance it. (banking.senate.gov) (thehill.com) (congress.gov)