US Senate Banking Committee votes to advance CLARITY Act

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Senator Elizabeth Warren addressing lawmakers at the Thursday markup. Source: US Senate Banking Committee Senator Cynthia Lummis, one of the legislation’s chief Republican advocates, pushed back against many of Warren’s concerns, saying CLARITY was a “pro law enforcement” and “pro consumer” bill. Senator Jack Reed, a Democrat, said that the bill was not an example of bipartisan work, given that Scott had “arbitrarily” dismissed consideration of amendments Democrats had proposed. Related: Ethics remain sticking point as crypto market structure bill goes to markup With the advancement of CLARITY in the banking and agriculture committees to address laws and regulations in the Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC), respectively, the bill is expected to head for a floor vote in the Senate soon. The bill will need 60 votes to pass. the Senate. The US House of Representatives will then need to approve the amended legislation. “I think it’s so difficult to get Senate floor time, and if they get something through the Senate that has the votes, I think the House will probably pass that identical language, and then it will be able to go on to the president’s desk for a signature,” Solana Policy Institute President Kristin Smith told Cointelegraph before the markup. Many of the amendments proposed at markup were either adopted or failed along partisan lines, addressing different aspects of regulating the crypto industry. Among those considered at markup included provisions on sandboxes for AI by Scott and ones on “tokenization loopholes” and money laundering by Warren, who cited reports that Iran was collecting tolls in crypto for ships using the Strait of Hormuz and otherwise evading sanctions. Lummis said that CLARITY would address the regulation of crypto mixers in response to Warren’s proposed amendment. Scott’s amendment was included, while Warren’s failed. Senator Cynthia Lummis addresses the Senate Banking Committee. Source: US Senate Banking Committee Another amendment by Warren included a demand for US banking regulators to report on information related to deceased sex offender Jeffrey Epstein, whom she described as an “early backer of crypto.” Lummis said the provision was not related to digital assets and should not be included. Lawmakers voted along party lines, and the amendment failed to pass. Republicans also voted against amendments proposed by Reed on stablecoins and digital dollars. Senator Catherine Cortez Masto, a Democrat who expressed general support for the CLARITY Act at the markup, introduced an amendment that would give law enforcement more authority over crypto-related cases. The amendment failed along party lines. Democratic Senator Tina Smith proposed an amendment to prohibit federal agencies from bailing out crypto companies if another market crash were to occur. Calling it a “preventative measure” in response to volatility in the crypto markets, Smith and all Democrats voted in favor of the amendment, which failed along party lines. The committee also considered an amendment from Democratic Senator Chris Van Hollen over Trump’s potential conflicts of interest with the crypto industry through his family’s World Liberty Financial business and memecoins. Republican Senator Bernie Moreno and Scott defended the president, accusing Van Hollen of “ad hominem” attacks. All 13 Republicans voted against the provision. “The people involved directly in making these policies, from the president to the Congress, should not be able to be issuers of these particular assets and coins,” said Van Hollen. Senator Raphael Warnock withdrew an amendment in response to what he called “pure corruption” by the Trump administration, adding that he would not support any bill without these carveouts. Warren echoed these concerns in a separate amendment, which would continue to fund the Consumer Financial Protection Bureau in response to the administration’s attempt to shutter the agency since 2025. Magazine: eToro founder timed Bitcoin top perfectly due to belief in 4 year cycles More on the subject

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