- Senate panels plan December votes on the crypto bill tied to the House-passed CLARITY Act.
- Bipartisan drafts from Agriculture and Banking will form a merged bill for early 2025 debate.
- Final passage is unlikely before 2026 due to delays and a lengthy dual-committee process.
Lawmakers in the Senate are moving toward coordinated action on the national crypto market structure bill. The CLARITY Act passed the House in July, and the Senate has been shaping its own version through bipartisan talks. Both committees now plan votes next month, which will set up a merged bill for early 2025 debate.
Senate Advances Work on Merged CLARITY Act
Lawmakers are preparing for committee votes on the crypto market structure bill next month. The CLARITY Act passed the House in July, and the Senate has been shaping its own version. Senator Tim Scott said both the Banking Committee and the Agriculture Committee plan to hold votes soon.
Scott said the committees are moving together because the bill covers securities and commodities rules. He said, “Next month, we believe we can mark up and vote in both committees.” He added that the goal is to bring a merged bill to the Senate floor early next year.
A bipartisan draft from the Agriculture Committee appeared last week. The Banking Committee is expected to release its bipartisan draft soon. The previous versions were written by members of the GOP but the current one is being compiled with the help of both sides.
Committees Prepare for Early Votes and a Unified Bill
The Senate version, known as the Responsible Financial Innovation Act, is based on the House CLARITY Act. The Agriculture Committee oversees the CFTC piece, while the Banking Committee handles the SEC and illicit finance parts. The two drafts will be merged after the upcoming markups.
Journalist Eleanor Terrett reported that both committees are preparing for early votes. She said the full Senate may take up the merged bill early next year. If the Senate passes the bill, it will return to the House for final approval before moving to the President. Scott said the process has taken longer than expected.
He attributed the delays to partisan differences and the 43 days government shutdown. Senator John Boozman also said the Agriculture Committee plans a December markup and noted rising pressure from the industry. The merged bill is not expected to pass both chambers until 2026, though lawmakers say the recent drafts show movement toward a national structure for digital assets.
