Overview
- The Senate Banking Committee, which voted 15–9 on Thursday, advanced the 309-page CLARITY Act with two Democrats joining 13 Republicans.
- Democrats are holding out for an ethics provision addressing Trump-linked crypto interests, and Republicans defeated a related amendment in committee as Senators Ruben Gallego and Angela Alsobrooks warned their floor votes are not assured.
- The bill would split oversight by giving the SEC securities authority and the CFTC spot-market jurisdiction, set up CFTC registration for exchanges and brokers, extend anti–money laundering rules, and protect the legal right to self-custody with limited DeFi carve-outs.
- The latest draft bans deposit-like stablecoin yields but allows activity-based rewards, and it bars a retail Federal Reserve digital dollar, a mix that has drawn opposition from major banking groups.
- Floor timing has not been set, the Senate must reconcile Banking and Agriculture texts and then align with the House version, and passage odds remain uncertain with TD Cowen at 40% and the White House eyeing a July 4 signing if the bill clears a tight calendar.