Overview
- The Senate Banking Committee, which voted 15–9 Thursday with Democrats Ruben Gallego and Angela Alsobrooks joining Republicans, sent the Digital Asset Market CLARITY Act to the full Senate.
- The bill divides oversight by giving the Commodity Futures Trading Commission authority over crypto spot markets while the Securities and Exchange Commission keeps control of digital asset securities.
- A Tillis–Alsobrooks deal bars passive interest on stablecoin balances but permits narrow activity‑based rewards, a design banks say could still drain deposits.
- To become law, the draft must be reconciled with the Agriculture Committee text and then secure roughly 60 votes in the Senate before a House revote.
- The White House and major crypto firms back the plan as overdue clarity, while labor unions, law‑enforcement groups, and Democrats led by Elizabeth Warren warn about weak anti‑money‑laundering rules and ethics risks.