Clarity Act passes Senate committee

The Senate Banking Committee voted 15-9 on May 14 to advance H.R. 3633, the Digital Asset Market Clarity Act of 2025, moving the crypto market-structure bill to the Senate floor after months of negotiations. Chairman Tim Scott, a South Carolina Republican, said the panel approved the measure in a bipartisan markup. (banking.senate.gov) CNBC and other outlets reported that Democratic Sens. Ruben Gallego of Arizona and Angela Alsobrooks of Maryland joined Republicans in support. The committee vote is the latest step for legislation that would set federal rules for how digital assets are classified and which regulator oversees them. (cnbc.com) (congress.gov) ### Which bill actually moved, and what would it do? H.R. 3633 is the Digital Asset Market Clarity Act of 2025, according to Congress.gov and a Congressional Research Service overview. The Senate-received text says the bill would create a system for regulating the offer and sale of digital commodities, split responsibilities between the Securities and Exchange Commission and the Commodity Futures Trading Commission, and include provisions tied to stablecoins, custody, disclosures and anti-money-laundering rules. The Congressional Research Service said the bill would give the CFTC a central role in regulating digital commodities and related intermediaries while preserving parts of SEC authority over some primary-market crypto transactions. (banking.senate.gov) CRS also said the measure would create a limited exemption from SEC registration requirements for certain fundraising tied to digital commodities and set standards around when a blockchain is considered mature. ### Who supplied the bipartisan votes? CNBC reported that Gallego and Alsobrooks were the two Democrats who voted with Republicans on the committee. The Senate Banking Committee’s Republican majority office said the bill advanced after “good-faith bipartisan negotiations,” while Alsobrooks said in a statement that she voted to move the bill out of committee and onto the Senate floor. (congress.gov) Angela Alsobrooks said on May 14 that digital assets present “a clear opportunity” to support small businesses, generate wealth and spur innovation, while adding that Congress must also put consumer protections and safeguards in place. Her office said the vote to report the bill favorably was 15-9. (congress.gov) ### Why was the committee vote the key milestone this week? May 14 was the committee markup, the stage at which senators debate amendments and decide whether to send a bill to the full chamber. Tim Scott said the legislation now moves to the Senate floor. CoinDesk reported the committee debated amendments before the final vote, underscoring that the panel action was procedural but necessary before any Senate-wide consideration. (cnbc.com) The Senate version follows earlier House action on the same bill number. Congress.gov shows H.R. 3633 was received in the Senate on September 18, 2025, read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (alsobrooks.senate.gov) ### What are readers seeing cited as the main policy change? The Congressional Research Service said the bill’s core structure is a federal framework that distinguishes digital commodities from securities and assigns the CFTC the lead role over digital commodities and related intermediaries. The Senate-received text also lists sections on expedited registration for digital commodity exchanges, brokers and dealers, treatment of investment contract assets, custody by banking institutions and educational material requirements. (banking.senate.gov) The Senate Banking Committee majority described the bill as establishing “clear rules of the road for digital assets.” That characterization comes from the committee’s Republican leadership office, not an independent scorekeeper, and reflects how supporters are presenting the legislation as it heads to the floor. (congress.gov) ### What happens next in Congress? The next formal step is Senate floor consideration. Tim Scott said on May 14 that the bill “now moves to the Senate floor,” and Congress.gov identifies H.R. 3633 as the measure pending after referral from the House to the Senate. (congress.gov) Any floor timetable will be set by Senate leadership, and no enacted law exists yet from the committee vote alone. For readers tracking the measure, the bill text and status remain available through Congress.gov under H.R. 3633, while statements from Scott and Alsobrooks provide the most direct public record of the committee action on May 14. (congress.gov) (banking.senate.gov)