The Digital Asset Market Clarity Act (CLARITY Act) advanced out of the Senate Banking Committee by a 15-9 vote on May 14, 2026, setting the stage for a full Senate debate. Two Democrats—Ruben Gallego of Arizona and Angela Alsobrooks of Maryland—joined all Republicans on the panel, giving the bill early bipartisan support as lawmakers seek federal rules for digital assets.
Committee Chairman Tim Scott called the markup a bipartisan effort to deliver clear rules for cryptocurrencies. The bill now shifts to the Senate floor, where supporters must secure at least 60 votes for passage. Senate leaders are expected 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 June 1, 2026, making it eligible for floor consideration. However, scheduling has proven tricky. Initial hopes for a vote before the July 4 recess faded after the Senate adjourned until July 13. Senator Bill Hagerty indicated the vote is more likely after lawmakers return, noting that the GENIUS Act demonstrated how clear rules can lead to 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 June 18, 2026.
With Republicans holding 53 seats, the CLARITY Act needs at least seven Democratic votes to reach the 60-vote threshold. Lawmakers must also reconcile the Senate Banking Committee version with a separate draft from the Senate Agriculture Committee, then merge with the House-passed bill (H.R. 3633, approved 294-134 on July 17, 2025) before sending it to the president. Industry groups are pressing for action before the August recess, and staff continue to negotiate unresolved issues behind the scenes.
Adding a new layer of complexity, President Donald Trump’s 2025 annual financial disclosure revealed roughly $1.4 billion in crypto-related income, including royalties from his memecoin company, token sales from World Liberty Financial, and sales to an Abu Dhabi sheikh’s firm. Trump also reported holding over $100 million in various cryptocurrencies and smaller stakes in firms like Corewave.
In response, Senator Elizabeth Warren called for an ethics provision in the CLARITY Act, insisting the bill must prevent senior officials, lawmakers, and their families from profiting from crypto. Senator Gallego, who supported the bill in committee, said on X that he would work to address Trump’s crypto dealings and stressed the need for “real, enforceable standards” on ethics. Gallego did not commit to supporting the bill on the Senate floor, leaving the vote count uncertain.
As the CLARITY Act heads toward a critical Senate test, its path depends on bipartisan support, final negotiations, and whether Congress can act before election-year pressure slows momentum.
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