The US Senate Banking Committee has approved the Clarity Act, a landmark bill that introduces comprehensive regulations for the digital asset market, with a vote of 15 to 9. Notably, two Democratic senators—Ruben Gallego of Arizona and Angela Alsobrooks of Maryland—joined Republican members in supporting the bill. Following the announcement, Bitcoin’s price quickly soared to $82,000.
Clarity Act clears Senate hurdle
Aimed at addressing long-standing legal uncertainties in the cryptocurrency sector, the Clarity Act is now headed for a vote in the House of Representatives. The House had previously approved a similar version last year. If this bill passes the House in its current form and both chambers agree on a final version, it will be presented to former President Donald Trump.
During the committee session, two main areas of debate emerged. First was the set of measures proposed to prevent the use of digital assets for illicit income. The second point of contention concerned how to apply ethical rules to elected officials earning income from cryptocurrencies. Recent reports of Trump and his family making substantial profits from meme coins and platforms like World Liberty Financial placed them at the center of this ethical discussion.
Political debates and bipartisan support
Democratic Senator Mark Warner of Virginia acknowledged that the process was challenging but said negotiations are ongoing. Warner described recent months’ legislative efforts as a “crypto hell,” but expressed optimism about achieving a bipartisan consensus. Republican Committee Chair Tim Scott emphasized the need for clear rules, noting the industry has operated without regulatory guidance for years.
“This marks a historic step in digital asset innovation. Today’s committee vote is a clear message that the US will not leave the future of digital finance to others.”
Wyoming Senator Cynthia Lummis, known for her influence on digital asset policy, called the committee’s approval a pivotal outcome after “lengthy and continuous negotiations.” Lummis warned that the US must not fall behind in the global race for digital finance leadership.
Industry backs bill amid banking concerns
Leading US crypto players—including Coinbase, Circle, and Ripple—have expressed clear support for the Clarity Act. These firms say the regulatory clarity will foster a safer environment for investors and provide much-needed structure for the sector. Influential investment firm Andreessen Horowitz has also backed the legislative push. The White House is reportedly tracking the bill’s progress and occasionally weighing in on deliberations.
On the banking side, JP Morgan voiced concerns that stablecoin-related rewards programs could prompt customers to move funds out of banks, shrinking lending capacity. Crypto companies dispute this, arguing the rewards system only applies to transactions, not general deposit withdrawals. Proposed amendments by Democratic members failed to pass, and some provisions were dismissed due to technical reasons.
Senator Thom Tillis described the committee’s compromise as “a strong bipartisan agreement” that will give the industry much-needed clarity. On social media, Tillis said that efforts will continue in the coming weeks to finalize the bill’s text.
Commodity Futures Trading Commission (CFTC) Chair Mike Selig stated that the vote brings the United States closer to becoming the “global capital of crypto.” Selig highlighted the bill’s role in fixing whether digital assets would be defined as commodities or securities, thus establishing a vital legal framework.
According to CryptoAppsy data, Bitcoin’s price surged to $82,000 immediately after the Senate committee’s vote to advance the Clarity Act.
