CLARITY Act Clears Senate Banking: What Comes Next?

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The CLARITY Act passed a key Senate Banking Committee vote today, moving the US crypto market structure bill closer to a full Senate vote. The bill has not become law. It must still pass the full Senate, align with the House version, and receive the president’s signature. The committee advanced the revised Senate text of the Digital Asset Market Clarity Act of 2025. The bill aims to define how digital assets are regulated in the US, including which tokens fall under the SEC and which markets fall under the CFTC. What Has Changed in the Latest CLARITY Act Bill? The latest version expanded from the January draft. It added new language on stablecoin rewards, insider trading, bankruptcy protections, and implementation timing. One of the biggest changes is the Tillis-Alsobrooks compromise on stablecoin rewards. It restricts passive, deposit-like yield on payment stablecoins while leaving room for certain transaction-based rewards under tighter oversight. The bill also adds insider trading provisions for digital assets. It includes an insolvency safe harbor that lets counterparties close out digital commodity positions and access collateral during bankruptcy, similar to existing derivatives protections. The updated text also sets a general 360-day effective date after enactment. Some sections would take effect later if agencies need to finish rulemaking first. Crypto Market Reacts to CLARITY Next, the bill goes to the full Senate. No official date has been set, but the likely window is June. The bill may need 60 votes, so Republicans will need more Democratic support than they received in committee. Markets reacted positively after the vote. Bitcoin and Ethereum both moved higher, while several regulatory-sensitive tokens gained more sharply. Hyperliquid rose around 11%, likely because traders see it as a high-beta bet on clearer rules for crypto trading and derivatives infrastructure. XDC and Canton gained nearly 10%, reflecting the market’s renewed interest in institutional blockchain rails, trade finance, tokenization, and regulated on-chain finance. The vote gives the bill momentum. The harder fight now moves to the Senate floor, where ethics rules, DeFi treatment, AML controls, and stablecoin rewards could still shape the final text.

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