Senate Advances Crypto Market Structure Bill Amid Industry Concerns

The Senate Banking Committee has advanced the Digital Asset Market Clarity Act (CLARITY) in a bid to establish a federal regulatory framework for digital assets. On May 14, all 13 Republican members voted to move the bill forward, joined by Democratic Senators Ruben Gallego and Angela Alsobrooks. Nine Democrats opposed the measure.

The bill aims to protect consumers, support domestic innovation, and address national security concerns related to digital assets, according to Committee Chair Tim Scott.

Senator Elizabeth Warren argued that the legislation serves the crypto industry's interests, stating that no provision made it into the final text without industry approval. She also expressed concern over conflicts of interest between digital asset issuers and those involved in shaping related policy.