- Senators reached a final compromise during the committee hearing to secure bipartisan CLARITY Act support.
- Lawmakers revised Cynthia Lummis amendments and removed BRCA language from Section 301.
- The bill now heads toward a Senate floor vote with ethics concerns still unresolved.
The Digital Asset Market Clarity Act cleared the Senate Banking Committee last Thursday after last-minute negotiations secured bipartisan backing moments before the hearing began. According to Crypto In America, lawmakers finalized the compromise during the committee markup, allowing the bill to advance in a 15-9 vote. Senators Angela Alsobrooks and Ruben Gallego joined Republicans in supporting the legislation after hours of stalled talks over ethics rules and developer protections.
Senators Revived Talks During Committee Hearing
Negotiations between Republicans and Democrats had collapsed Wednesday night without an agreement. According to Crypto In America, disagreements centered on ethics guardrails and proposed edits tied to the Blockchain Regulatory Certainty Act.
However, discussions resumed Thursday morning before the hearing at the Dirksen Senate Office Building. Senators Mark Warner, Catherine Cortez Masto, Raphael Warnock, Angela Alsobrooks, and Ruben Gallego reportedly met privately before the markup session began.
Meanwhile, Senate Banking Committee Chairman Tim Scott opened the hearing while negotiations continued behind closed doors. According to committee staffers cited by Crypto In America, lawmakers were still finalizing terms minutes after proceedings started.
Lummis Amendments Became Key To Compromise
As debate unfolded publicly, a bipartisan group gathered inside the committee’s ante room to finalize revised amendment language. Senators Thom Tillis, Cynthia Lummis, Alsobrooks, and Gallego reportedly helped negotiate the agreement.
The final compromise modified five proposed Cynthia Lummis amendments before the committee vote. Notably, lawmakers removed language tied to the Blockchain Regulatory Certainty Act from Section 301 of the bill.
Additional revisions included language addressing insider trading involving ancillary assets and preserving state consumer protection laws. The agreement also added provisions authorizing banks and credit unions to engage in digital asset activities.
Floor Vote Still Faces Outstanding Issues
Following the compromise, all revised amendments returned to the voting lineup and later passed with bipartisan support. The committee then approved the CLARITY Act by a 15-9 vote.
However, Senator Ruben Gallego stated his committee vote did not guarantee support on the Senate floor. He said lawmakers still needed agreement on ethics guardrails involving elected officials and crypto affiliations.
The legislation will next merge with the Senate Agriculture Committee’s Digital Commodity Intermediaries Act before reaching the full Senate for debate.
