Crypto Industry Cheers as CLARITY Act Clears Senate Banking Committee

Highlights

• The Senate Banking Committee advanced the CLARITY Act in a 15-9 bipartisan vote on Thursday.
• Senator Cynthia Lummis called the vote a historic step for digital asset innovation.
• Crypto leaders, including Brian Armstrong and industry groups, praised the bill’s progress.

The U.S. crypto industry scored a major political win on Thursday after the Senate Banking Committee advanced the CLARITY Act, a long-awaited digital asset market structure bill. The committee passed the bill in a 15-9 vote, sending it to the Senate floor for further debate.

The bill aims to create clearer rules for digital assets in the United States. It seeks to define how crypto tokens should be treated and how oversight should be divided between regulators, including the SEC and the CFTC.

Thursday’s vote was important because it showed rare bipartisan progress on a crypto bill. All Republicans on the committee supported the measure, while two Democrats, Senator Ruben Gallego and Senator Angela Alsobrooks, also voted to advance it. However, Reuters reported that both Democrats warned they may not support the final bill on the Senate floor if the concerns remain unresolved.

Cynthia Lummis Calls Vote A Historic Step

Senator Cynthia Lummis, who chairs the Senate Banking Subcommittee on Digital Assets, welcomed the committee vote and called it a major moment for the crypto sector. Lummis said she was proud of the bill after nearly a year of negotiations. She described the vote as a historic step for digital asset innovation and thanked Chairman Tim Scott and lawmakers from both parties for supporting the effort.

She added that the vote sends a clear message that the United States is not giving up leadership in the future of digital finance. Lummis also said final Senate passage would help ensure America remains a center of innovation for the digital asset industry.

Chairman Tim Scott also praised the result, saying the committee had worked through serious differences and moved toward a shared goal of protecting consumers, supporting innovation, and keeping the future of finance in the United States.

Crypto Leaders Express Encouragement for CLARITY Act Progress

Crypto leaders quickly reacted after the bill cleared the committee. Coinbase CEO Brian Armstrong called it a “historic day” for crypto and the future of digital assets in America. Armstrong, in an X post, announced that the crypto market structure bill passed the Senate Banking Committee unanimously with bipartisan votes.

The crypto market structure bill has PASSED the Senate Banking Committee with a bi-partisan vote!

Historic day for crypto and for the future of digital assets in America. Grateful for the countless hours from lawmakers and staff to strengthen this legislation. Big improvement…

— Brian Armstrong (@brian_armstrong) May 14, 2026

The vote was welcomed by the Blockchain Association as well. The passage of that bill by the committee was a “defining moment” for American leadership in the “future of finance,” said Summer Mersinger, the CEO. A durable digital asset policy must be based on bipartisan consensus, she said, and as such, rules would aid in returning talent, jobs, and investment to the United States.

The group added that better rules and regulations would benefit consumers in terms of transparency, accountability, and access to compliant digital asset products. It also said, however, that there’s more work to do as the bill proceeds to the Senate floor.

Ripple CEO Brad Garlinghouse also expressed interest in the bill’s progress. His statements were about the necessity of establishing rules for crypto businesses and users comparable to those in other asset classes. He stated that millions of Americans are already trading in cryptocurrency markets and merit greater transparency. 

The Senate Banking Committee is putting in the work as it moves the Clarity Act forward… incredible leadership!

Millions of Americans are already in this market. Ripple stands behind this bill because they deserve the same rules and protections as every other asset class. If… https://t.co/orvdQHDbEz

— Brad Garlinghouse (@bgarlinghouse) May 13, 2026

Elizabeth Warren and Democrats Raise Concerns

Not everyone was in favor of the bill. During the markup, top Democrat on the Senate Banking Committee, Senator Elizabeth Warren, harshly criticized it.

Lawmakers should not go forward with a pro-industry crypto law that may compromise consumers, investors, national security, and financial systems, Warren said. She also stated the bill was not ready and that a number of Democratic amendments had been cut down. 

Some Democrats also raised concerns about anti-money laundering protections and possible conflicts of interest involving political officials and crypto ventures. These concerns could become major issues when the bill reaches the full Senate.