The Senate Banking Committee voted 15-9 on May 14, 2026, to advance the Digital Asset Market Clarity Act, sending the bill toward a full Senate floor vote and marking the furthest a US crypto market-structure law has progressed through Congress.
The vote split largely along party lines. Two Democrats crossed over: Sen. Ruben Gallego of Arizona and Sen. Angela Alsobrooks of Maryland joined all Republicans on the panel to support the bill. Committee Chair Tim Scott (R-SC) called it a needed end to the "regulatory gray zone" that has left developers, entrepreneurs, and investors in uncertainty for years.
What the Clarity Act does
The bill establishes the first US framework for classifying digital assets as either commodities or securities, determining whether a given asset falls under CFTC or SEC jurisdiction. It also sets rules for broker-dealer registration and trading of digital assets. This is separate from the GENIUS Act, the stablecoin law signed in July 2025. The Clarity Act addresses market structure — the remaining regulatory gap that the stablecoin law did not close.
Coinbase, Circle, Ripple, and venture firm Andreessen Horowitz back the bill. The White House has also pushed for it.
Where the disputes sit
The vote did not resolve the bill's key fault lines. The American Bankers Association finds parts of the legislation too vague. ABA SVP of Innovation and Strategy Brooke Ybarra said as much on Bloomberg Crypto on May 19, voicing concern that the bill could allow crypto groups to offer interest-like payments to stablecoin holders and reduce bank deposits. Law enforcement groups have argued the bill does not do enough to prevent illicit financial transactions. Major labor groups, including the AFL-CIO, have warned it could threaten financial stability and pension accounts.
During the committee markup, Democrats offered amendments to address some of these concerns; all were either voted down or ruled out of order by Scott.
What happens next
The bill goes to the full Senate floor, where it needs 60 votes to clear a filibuster. A House version passed last fall, meaning any Senate-passed bill would need to be reconciled. Galaxy Digital Head of Research Alex Thorn put the bill's odds of becoming law in 2026 at 75% following the committee vote, citing the bipartisan margin as stronger than many in the crypto policy community had expected in the 24 hours before the vote.
Sen. Mark Warner (D-VA), who has worked with Republicans on the bill, described himself as in "crypto purgatory" but expressed intent to keep negotiating toward passage.
Sources: CNBC, May 14, 2026; Bloomberg Crypto, May 19, 2026 (Alex Thorn, Galaxy Digital; Brooke Ybarra, American Bankers Association)