CLARITY Act Clears Senate Banking Committee But Faces Uphill Battle
The CLARITY Act has cleared the Senate Banking Committee but still faces significant hurdles before reaching the full Senate vote.
On May 15, the committee voted 15-9 to advance the bill, which aims to create a federal regulatory framework for the crypto industry. The bipartisan support was led by all 13 Republican members and two Democratic senators, Ruben Gallego and Angela Alsobrooks.
Despite this progress, analysts caution that passing the full Senate requires 60 votes to overcome a filibuster. With Republicans holding 53 seats, at least seven Democrats would need to support the bill for it to succeed.
TD Cowen analyst Jaret Seiberg has raised his probability estimate of the bill passing to 40% following the committee vote. He notes that the markup showed some Democratic openness to finding a path forward but describes the remaining hurdles as substantive.