Overview
- The Senate Banking Committee, which voted Thursday, advanced the 309-page Digital Asset Market Clarity Act in a 15–9 tally with two Democrats, Ruben Gallego and Angela Alsobrooks, joining 13 Republicans.
- Final passage needs 60 votes to beat a Senate filibuster, so Republicans must win over several more Democrats before any floor vote.
- An ethics impasse now dominates the talks, as Democrats press for conflict rules addressing President Trump’s crypto interests and the White House says any standard must apply broadly rather than single out one officeholder.
- Next steps include merging the Banking text with the Senate Agriculture version and the House-passed bill, securing floor time, and then returning a single compromise to both chambers; the White House has signaled a July 4 signing goal if Congress sends a final bill.
- The bill would split duties between regulators by giving the CFTC oversight of spot trading in digital commodities and keeping SEC authority over crypto assets that function as securities, and it would ban passive interest on stablecoins while allowing activity-based rewards.