The Senate Banking Committee advanced the Digital Asset Market Clarity Act by a 15-9 vote on May 14, 2026, setting the stage for the current Senate debate moving the crypto market-structure bill toward the full Senate. Two Democrats joined every Republican on the panel, giving the CLARITY Act early bipartisan support as lawmakers pursue federal rules for digital assets.
Ruben Gallego of Arizona and Angela Alsobrooks of Maryland joined Republicans in backing the bill during the committee vote. Committee Chairman Tim Scott described the markup as a bipartisan effort to provide clear rules for digital assets.
The bill seeks to establish a federal market structure for crypto. It now moves toward the Senate floor, where supporters must secure enough votes for final passage. Senate leaders expect to release the final draft this week for public review. Senator Cynthia Lummis said lawmakers, banks, and industry groups should receive the draft around July 4.
The Senate placed the bill on the legislative calendar as item No. 423 on 1 June 2026. That step made the measure eligible for floor consideration. Still, Senate leadership must schedule both the debate and the vote. Earlier expectations for action before the 4 July recess have faded after the Senate adjourned until 13 July.
Senator Bill Hagerty said a vote looks more likely after lawmakers return to Washington. He pointed to the GENIUS Act as proof that clear rules can create lasting crypto policy. “This will be something more a matter of focus after the 4th of July recess period, but I certainly hope to see it done before,” Hagerty said on 18 June 2026.
The CLARITY Act needs 60 votes on the Senate floor. Republicans hold 53 seats, which means at least seven Democrats must support the measure. Lawmakers must also reconcile the Senate Banking version with a Senate Agriculture Committee draft. They must then merge it with the House-passed draft before sending it to the president.
The House passed H.R. 3633 on 17 July 2025 by a 294-134 margin. Industry groups and some lawmakers want the Senate to act before the August recess. People following the process still see a chance for passage this year. Staffers continue to meet behind the scenes on unresolved issues, including the two Senate committee versions.
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President Donald Trump filed his 2025 annual disclosure last week. The filing showed he made $2 billion last year, including about $1.4 billion from crypto-related income. The income covered royalty payments from his memecoin company, token sales from World Liberty Financial, and sales to an Abu Dhabi sheikh’s firm. His 2024 disclosure reported tens of millions of dollars in overall income.
Trump also disclosed more than $100 million in various cryptocurrencies. He listed smaller stakes in firms such as Corewave. Senator Elizabeth Warren called for an ethics provision in the CLARITY Act after the disclosure. She said the bill must stop senior officials, lawmakers, and their families from profiting from crypto.
Senator Ruben Gallego also said on X that he would work to address Trump’s crypto dealings. During the May markup, he said the bill needed ‘real, enforceable standards’ on ethics.
Gallego supported the bill in committee, but he did not guarantee support on the Senate floor. That position leaves the vote count uncertain as negotiations continue.
The CLARITY Act now faces a critical Senate test after committee approval, with lawmakers weighing floor timing, vote thresholds, ethics demands, and Trump’s crypto income disclosure. Its path depends on bipartisan support, final negotiations, and whether Congress acts before election-year pressure slows momentum.