The committee passed the measure 15-9, with all Republicans voting in favor and two Democrats — Sens. Ruben Gallego of Arizona and Angela Alsobrooks of Maryland — joining them. Several Democrats expressed concerns but the bill cleared the committee after months of negotiations and over 100 proposed amendments.

Bipartisan Progress on Long-Awaited Bill

Committee Chairman Sen. Tim Scott (R-S.C.) described the vote as an important step toward providing regulatory certainty for digital assets. The Clarity Act aims to clearly define the roles of the SEC and CFTC, establish a framework for classifying tokens, and set rules for stablecoins.

Sen. Elizabeth Warren led Democratic opposition, arguing the bill does not go far enough on consumer protections and anti-money laundering requirements. However, the compromise on stablecoin provisions helped secure enough support to move the legislation forward.

Key Compromises on Stablecoins

Banks had raised concerns about stablecoin issuers offering yields that could compete with traditional deposits. A last-minute agreement limits rewards on idle stablecoin holdings while allowing them for payment-related activities. This balance aims to protect the banking system while supporting crypto innovation.

The House of Representatives already passed its version of the bill last year. With the Senate committee now advancing its text, attention turns to the full chamber where additional negotiations are expected.

Industry Reaction and Market Impact

Crypto industry groups welcomed the development, calling it a significant milestone after years of uncertainty. Bitcoin traded above $81,000 following the news, with several crypto-related stocks posting strong gains during the session.

The bill now heads to the full Senate for debate. Lawmakers face pressure to deliver results before the end of the year as digital assets continue to gain mainstream traction in U.S. financial markets.