A last-minute bipartisan deal in the Senate Banking Committee has revived the Digital Asset Market Clarity Act, moving it one step closer to a full floor vote and potential enactment into law. The committee approved the bill on May 14 in a 15–9 vote, following hours of closed-door negotiations and several last-minute revisions to the draft.
The breakthrough came after senators settled key disputes behind the scenes shortly after the hearing began. Senators Angela Alsobrooks and Ruben Gallego broke with their Democratic colleagues to join Republicans in supporting the measure, securing the final tally. However, both emphasized that their committee vote did not guarantee final support on the Senate floor.
As part of the compromise, Committee Chairman Tim Scott announced that five amendments introduced by Senator Cynthia Lummis were accepted. The bill aims to create a comprehensive regulatory framework for the digital asset market in the United States, addressing oversight, banking provisions, and developer protections.
Galaxy Research Director Alex Thorn commented on the timeline, predicting the bill could be submitted to President Donald Trump for signature as early as August. He noted that the committee vote demonstrated the potential for continued bipartisan support, although critical issues remain unresolved. Chief among them is an “ethics clause” that would restrict individuals connected to high-ranking public officials from holding or profiting from digital assets. Regulations concerning decentralized finance (DeFi) and provisions under the Blockchain Regulatory Certainty Act may also face further negotiations.
The process now requires aligning the Banking Committee version with a version previously approved by the Agriculture Committee. Senate Majority Leader John Thune is reportedly planning an extensive floor debate lasting about a week. If the process proceeds as planned, final coordination between the Senate and House of Representatives could lead to enactment by late summer.
Thorn argued that passage of the CLARITY Act could mark a historic turning point for innovation and investor protection, comparable in scale to the Securities Act of 1933 and the Exchange Act of 1934. The bill is widely seen as bullish for the crypto industry, offering legal clarity that could attract institutional capital and foster growth.
