CLARITY Act Passes Senate Banking Committee 15-9, Moves to Full Senate Floor
The Senate Banking Committee voted Thursday to advance the CLARITY Act out of committee, the first major crypto regulation bill to clear this hurdle. Two Democrats broke ranks to join all 15 Republicans. The bill still faces a full Senate vote, a House vote, and unresolved fights over ethics language targeting Trump's crypto profits.
The Vote Is Done. Now the Real Fight Starts. The Senate Banking Committee voted 15-9 on Thursday, June 26, 2025 to advance the CLARITY Act — the most sweeping cryptocurrency regulation bill ever attempted in the U.S. Congress. The bill now moves to the full Senate floor. Who Voted How The vote broke almost entirely along party lines, according to CNBC. Every Republican on the committee voted yes. Only two Democrats crossed over: Sen. Ruben Gallego of Arizona and Sen. Angela Alsobrooks of Maryland . The other Democrats voted no — but that doesn't mean they're done with the bill. Several, including Sen. Mark Warner of Virginia , made clear they want to keep negotiating. Warner told the committee he's been "in crypto hell the last couple months" but hopes to reach "crypto heaven." He landed on "crypto purgatory" for now. The substance behind the colorful language is real — Warner and others are not walking away. What the Bill Actually Does The CLARITY Act creates a regulatory framework for the cryptocurrency industry — defining which digital assets are securities, which are commodities, and who oversees what. Right now that's a legal gray zone, and enforcement has been a mess of overlapping SEC and CFTC jurisdiction with no clear rules. Committee Chair Sen. Tim Scott, R-S.C. , said: "For years, the digital frontier was trapped in a regulatory gray zone. Developers, entrepreneurs and investors were left with uncertainty." The bill's biggest corporate backers, according to CNBC, include Coinbase, Circle, Ripple , and venture capital giant Andreessen Horowitz . These aren't fly-by-night players. They want regulation — because clear rules let them scale without constant legal exposure. Who's Fighting It Opposition is real and organized. According to CNBC, the bill is opposed by banks, unions, and law enforcement agencies . The banking lobby's concern is straightforward: crypto firms operating under lighter regulatory burdens create an uneven playing field. Unions have consumer protection concerns. Law enforcement says some provisions make it harder to track bad actors using digital assets to move money. Those aren't fringe objections. They're going to show up again on the Senate floor. The Ethics Fight Nobody Wants to Talk About Mainstream coverage is underplaying a significant issue: Trump and his family have made billions of dollars from meme coins , according to CNBC. The President of the United States has a direct financial stake in the crypto market his administration is pushing Congress to regulate favorably. During Thursday's markup, both Republicans and Democrats acknowledged this issue and said they want ethics language in the final bill addressing elected officials profiting from crypto. That language is not in the bill yet. It's a placeholder promise. If this were a Democratic president running a meme coin operation while pushing favorable regulation for that industry, conservatives would be screaming about conflicts of interest. The same standard applies here. The White House, per CNBC, has actively involved itself in negotiations between banks and crypto groups. That's an administration with billions in personal financial exposure helping shape the rules of the industry it's exposed to. What the Market Did According to CryptoSlate, Bitcoin ripped higher on the news of the committee vote. Markets priced in the increased probability of eventual regulation passing. Regulatory clarity, even imperfect clarity, is worth money to crypto investors. What Comes Next The path forward requires several steps: 1. Clear a full Senate floor vote — where the 9 Democratic no votes and potential Republican skeptics matter 2. Pass the House — which has its own competing crypto legislation in play 3. Survive a conference process reconciling House and Senate versions 4. Land on Trump's desk — where he'll almost certainly sign it, given his financial interests The Senate floor vote is where the real negotiation happens. Warner's "purgatory" comment signals Democrats have leverage and intend to use it. The ethics language, anti-money laundering provisions, and consumer protections are all live fights. This is a real milestone for crypto legislation — the first time a major regulatory framework has cleared committee. But committee passage is the opening chapter, not the last. The bank lobby hasn't given up. Law enforcement hasn't given up. The ethics fight over Trump's personal crypto profits remains unresolved — and someone's going to have to address it before this bill becomes law.
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