Today, the Senate Banking Committee reported favorably the Digital Asset Market Clarity Act of 2025 (H.R. 3633) by a vote of 15 to 9, marking another meaningful step toward a comprehensive U.S. framework for digital asset market structure. CCI was present throughout the markup and engaged directly with members and staff as the Committee debated the bill and considered amendments.
CCI thanks Chairman Tim Scott, Subcommittee Chair Cynthia Lummis, Senator Thom Tillis, and Senate Banking Committee Republicans for their steadfast leadership and the months of work that brought today’s bipartisan vote forward. CCI also thanks Senators Ruben Gallego and Angela Alsobrooks for crossing the aisle to support reporting the bill, and Senators Mark Warner, Catherine Cortez Masto, and Raphael Warnock for their continued engagement and stated commitment to refining the legislation as it advances to the floor.
The Clarity Act is the product of years of bipartisan work. It establishes clear rules for digital asset markets, draws bright lines between SEC and CFTC authority, builds the most comprehensive customer protection framework the sector has seen, and bolsters law enforcement’s ability to target bad actors. It does not weaken securities law. It does not loosen AML or sanctions enforcement. It does not give DeFi a free pass. What it does is take an industry currently operating in regulatory ambiguity, and largely offshore, and bring it onshore under enforceable U.S. standards.
In a statement following the vote, Ji Hun Kim, President and CEO of the Crypto Council for Innovation, said the Senate Banking Committee “took a critical step forward” and that “clear, durable rules will help drive greater institutional and retail adoption, support innovation, create more high-quality jobs in the U.S., protect Americans, and ensure that our country leads when it comes to digital assets policy and innovation.”
CCI echoed that sentiment, noting that today’s vote reflects the result of months of serious, bipartisan negotiation and that the path forward depends on continued engagement from members on both sides of the aisle.
The tone in the room was constructive. Several Democratic members who voted no stated explicitly that their votes today were not a final position and that they remain committed to working on the legislation as it heads to the floor. Senator Alsobrooks also framed her yes vote as “a vote to keep working, not a vote for passage on the floor.” Senator Warner withdrew his amendment in recognition of the progress made on DeFi text and committed to continuing to refine remaining issues. Senator Gallego echoed similar sentiments, voting yes at committee and underscoring that ethics provisions must be strengthened before final passage.
A number of substantive amendments were adopted that strengthened the bill. Senator Mike Rounds’ bipartisan AI sandbox amendment, co-sponsored with Senators Andy Kim and Mark Warner, was adopted 15-9. Senator Dave McCormick’s portfolio margining amendment, co-sponsored with Senator Bill Hagerty, was adopted 18-6. Senator Lummis offered four amendments that were adopted with bipartisan support, including provisions on bank and credit union digital asset activities, dual SEC obligations on investor protection and market function, insider trading rules for ancillary assets, and joint SEC-CFTC enforcement coordination on digital commodities.
What Happens Next
The vote sends the bill to the Senate floor, but several steps remain before final passage. Since the Senate Agriculture Committee approved its own market structure bill earlier this year, the two committee products will need to be reconciled into a single piece of legislation before the Senate considers floor action. That reconciliation work is expected to continue in the coming weeks, with industry, committee staff, and member offices engaged in ongoing technical and policy discussions.
Once a unified Senate bill is finalized, Majority Leader John Thune will need to bring a motion to proceed, which requires 60 votes. That threshold means at least seven Democrats will need to support advancing the bill, underscoring the importance of the continued bipartisan engagement signaled today by Senators Warner, Cortez Masto, Warnock, and others. From there, the bill is expected to be subject to floor amendments before a final vote.
Assuming Senate passage, the legislation will then need to be reconciled with the House-passed version of the CLARITY Act, which cleared the House in July 2025. That process will produce the final text sent to the President’s desk. The White House has previously identified market structure as a top legislative priority and has been engaged throughout the process.
CCI will remain actively engaged at every phase, working with members, staff, the Administration, and our coalition partners to support a final framework that strengthens consumer protection, market integrity, developer protections, and U.S. leadership in digital assets. Momentum remains strong, and today’s vote brings the United States meaningfully closer to durable rules of the road for digital asset markets.
