Senate Banking Committee Advances CLARITY Act 15-9

Several Democratic senators signaled openness to the bill after today’s markup, with Senators Warner, Cortez Masto, and Warnock backing a series of Lummis amendments reflecting ongoing bipartisan negotiations. Senator Blunt Rochester also supported one of the amendments, suggesting the bill has broader Democratic backing than the final vote indicated.

The landmark crypto bill has cleared a major hurdle, with the Senate Banking Committee voting 15-9 to advance the CLARITY Act. Democrats Ruben Gallego of Arizona and Angela Alsobrooks of Maryland crossed the aisle to join Republicans in pushing the bill forward.

Bitcoin pushed to $81,500 on Thursday as the Senate Banking Committee pressed ahead with the CLARITY Act markup, with markets closely watching the outcome of the historic hearing.

Tensions flared at the Senate Banking Committee markup as Senator Tim Scott and Elizabeth Warren clashed over amendment rules. However, Democratic Senators Mark Warner and Ruben Gallego offered a potential path forward, signaling they could support the bill if certain conditions are met.

In a lighter moment at the Senate Banking Committee markup, Senator Bernie Moreno recalled paying taxes with Bitcoin in 2016 when it was worth around $3,000 — admitting he now regrets selling.

Senator Jack Reed raised national security alarms during the CLARITY Act hearing, warning that Iran is actively using cryptocurrency and stablecoins to procure sensitive materials and finance drone operations in the Persian Gulf.

Senator Elizabeth Warren voiced strong opposition during the Senate Banking Committee markup, stating the bill is not ready to move forward.

Senator Cynthia Lummis warned that without the CLARITY Act, the digital asset industry will relocate to more crypto-friendly nations, handing America’s competitors a growing advantage with every day of inaction.

Bitcoin is holding steady at key support levels, with traders eyeing a potential push above $82K if positive news emerges from the CLARITY Act markup session.

enator Elizabeth Warren used the markup session to slam crypto mixer Tornado Cash, arguing its only purpose is to conceal money flows — calling out terrorists, money launderers, Iran, and sanctioned entities as its primary beneficiaries.

GSR’s top legal officer warns the bill has less than even odds of reaching the president’s desk this session, citing fights over yield-bearing assets and ethics concerns tied to the president’s family as key obstacles.

Senator Tim Scott has officially kicked off the historic markup of the CLARITY Act, telling the committee the bill will give Americans confidence in the financial system and ensure the future of finance is built in America. Scott: “This Bill Works For Americans, Not Against Them” The Senate Banking Committee chairman pledges the CLARITY Act will restore public confidence in the financial system.