The CLARITY Act has advanced out of the Senate Banking Committee with a 15-9 bipartisan vote, according to recent reports. It is now heading to the full Senate for consideration.
The vote was largely split along party lines, but two Democrats, Senators Ruben Gallego and Angela Alsobrooks, joined the unanimous Republican bloc.
The bipartisan breakdown
The final committee tally saw 13 Republicans and 2 Democrats voting in favor, while 9 Democrats voted against the bill.
Of course, left-leaning Senator Elizabeth Warren was among those who did not support the bill. She has been a vocal critic of the legislation’s ethics guardrail. Senator Mark Warner has also stopped short of advancing the bill despite acknowledging some positive changes.
Republican leaders, including Senator Thom Tillis, describe the passage as a "strong bipartisan compromise." The Bitcoin Policy Institute, an influential lobbying group, has stated that this is a "tremendous" victory for the cryptocurrency community.
"Historic day for crypto and for the future of digital assets in America. Grateful for the countless hours from lawmakers and staff to strengthen this legislation. Big improvement from where we were in January on rewards, tokenization, DeFi, and CFTC authority. I'm proud we stood up for our customers in that moment, and the bill is better because of it," Coinbase's Brian Armstrong has stated.
"This is how America wins," crypto mogul Mike Novogratz wrote in another post.
The cost of compromise
Several amendments had to be negotiated in order to secure the necessary level of support.
There was a significant compromise regarding an amendment from Senator Cynthia Lummis to secure the passage of the bill.
Some DeFi advocates, for instance, are concerned about stripping BRCA language. According to them, this could make the sector vulnerable from a legal standpoint. Discussions on this issue will continue in the coming weeks.
The next move
High-level regulators, including SEC Chairman Paul Atkins, have already expressed their optimism regarding the passage of the CLARITY Act on social media.
Atkins congratulated the Banking Committee and stated he looks forward to President Trump’s signature on the legislation.
Industry leaders and lawmakers alike are bracing for continued debate over the "plumbing" of the U.S. financial system and the future of decentralized technology.
Dan Burgin
U.Today Editorial Team
