Overview
- The Senate Banking Committee, which approved the Digital Asset Market Clarity Act on Thursday in a 15-9 vote, set the bill on a path to be merged with the Agriculture Committee’s version.
- All 13 Republicans backed the measure, while Democrats Ruben Gallego and Angela Alsobrooks joined them as swing votes after signaling they want more changes before any floor vote.
- An unresolved ethics rule remains a sticking point, with Democrats seeking to bar officials, including the president, from profiting off crypto and a White House adviser rejecting any president-specific language.
- Leaders say they will wait to schedule a floor vote until they believe they have roughly 60 votes under a calendar that likely forces action before the August recess.
- More than 100 amendments were debated, and late changes added investor protections and clearer rules for decentralized finance projects, while major banking groups warned that allowing rewards for holding stablecoins could pull deposits from community banks.