The Digital Asset Market Clarity Act gained legislative momentum after the Senate Banking Committee advanced the measure in a 15-9 bipartisan vote on May 14, 2026, following the House passage of H.R. 3633 in July 2025. Lawmakers including Senate Banking Committee Chairman Tim Scott (R-SC), Senator Cynthia Lummis (R-WY), and Representative French Hill (R-AR) pushed for federal digital asset rules, warning the U.S. risks losing regulatory influence as other jurisdictions advance crypto frameworks. The bill attracted support from industry groups, consumer advocates including AARP, 160+ national security veterans, and President Donald Trump, while Senator Elizabeth Warren (D-MA) opposed the measure during committee markup with 44 amendments that did not pass. The legislative push centers on establishing a federal market structure framework dividing oversight between the Securities and Exchange Commission and the Commodity Futures Trading Commission.
Senate Banking Committee Advances CLARITY Act 15-9 on May 14, 2026
The Senate Banking Committee advanced the Digital Asset Market Clarity Act of 2025 in a 15-9 bipartisan vote on May 14, 2026. The House passed H.R. 3633, the CLARITY Act, in July 2025. The bill must still clear the full Senate before lawmakers resolve any differences with the House version and send final legislation to the president.
Senate Banking Committee Chairman Tim Scott stated the bill "puts consumers first, combats illicit finance, cracks down on criminals and foreign adversaries, and keeps the future of finance here in the United States." Representative French Hill stressed it "prioritizes consumer protection and American innovation." Representative Glenn Thompson noted: "This landmark legislation will protect consumers, unleash entrepreneurship, and ensure the United States sets the global standard for the future of innovation."
Senator Cynthia Lummis warned in a June 5 X post: "If we don't pass the CLARITY Act this Congress, we are handing the future of digital finance to jurisdictions that do not share our values." In a June 4 X post, Lummis wrote: "The CLARITY Act doesn't pick winners. It creates a level field where the best ideas win. That's how America is supposed to work."
Bill Divides Oversight Between SEC and CFTC
The Digital Asset Market Clarity Act of 2025 would create a federal market structure framework for digital assets. The bill would divide oversight between the Securities and Exchange Commission and the Commodity Futures Trading Commission, while setting rules for token classification, disclosures, custody, exchanges, brokers, and consumer protections.
Harrisx Poll Shows 52% Voter Support After Review
A Harrisx poll found 52% support after voters reviewed the proposal, while 70% said the U.S. should already have passed crypto legislation. Crypto advocacy group Stand With Crypto urged senators to support final passage, while 28,000 Americans signed a petition calling for Senate action.
A16z crypto, the digital asset investment arm of venture capital firm Andreessen Horowitz, warned the U.S. risks falling behind Europe's Markets in Crypto-Assets (MiCA) framework. Ripple has also backed the legislation.
AARP and 160+ National Security Veterans Endorse Measure
More than 160 national security veterans backed the measure. AARP, a leading advocacy group for older Americans, endorsed Section 205, citing crypto kiosk scams and reported losses exceeding $389 million.
Senator Warren Opposes Bill with 44 Failed Amendments
Senator Elizabeth Warren (D-MA) opposed the bill during committee markup and offered 44 amendments, none of which passed. Critics continue pushing for stronger safeguards addressing conflicts of interest, illicit finance concerns, and broader market risks.
President Donald Trump urged Congress to send the CLARITY Act to his desk, arguing that the U.S. should lead in crypto and digital finance rather than allow banks or regulators to undercut the administration's agenda.
Lummis cautioned: "The next window for digital asset legislation after this Congress is likely 2030." She noted: "Until then, developers remain exposed with no legal protections, and law enforcement remains without the tools to hold bad actors accountable. The CLARITY Act solves both."
FAQ
What did the Senate Banking Committee do with the CLARITY Act on May 14, 2026?
The Senate Banking Committee advanced the Digital Asset Market Clarity Act in a 15-9 bipartisan vote on May 14, 2026. The House had already passed H.R. 3633 in July 2025. The bill must still clear the full Senate before lawmakers resolve any differences with the House version and send final legislation to the president.
How does the CLARITY Act divide regulatory oversight?
The Digital Asset Market Clarity Act of 2025 would divide oversight between the Securities and Exchange Commission and the Commodity Futures Trading Commission, while setting rules for token classification, disclosures, custody, exchanges, brokers, and consumer protections.
What did the Harrisx poll find about voter support for the CLARITY Act?
A Harrisx poll found 52% support after voters reviewed the proposal, while 70% said the U.S. should already have passed crypto legislation.
