- CLARITY Act expected to advance despite Democratic holdouts on two provisions.
- Lummis said bipartisan talks ended without a final deal despite agreement on 99% of the CLARITY Act.
- Coinbase, Ripple, Fidelity, and the White House backed the bill ahead of Thursday’s committee markup.
The Senate Banking Committee is set to advance the CLARITY Act on Thursday, marking the most important step forward for US crypto regulation in years. The bill cleared committee despite last-minute Democratic holdouts on two remaining provisions, setting up a harder fight on the Senate floor but keeping the July 4 signing deadline alive.
Senator Cynthia Lummis confirmed that bipartisan talks on the final outstanding issues ended Wednesday night without a deal. “Ultimately, we have an agreement on 99% of the bill,” she said.
Industry Response Was Immediate
The reaction from the crypto and financial industry was swift and unified.
Coinbase CEO Brian Armstrong called the moment historic. “CLARITY is closer than ever,” he said. “The bill is strong. It will benefit the American people by making the US financial system faster, cheaper and more accessible.” Armstrong credited 3.7 million Stand With Crypto advocates alongside Senate staff for helping drive the legislation to this point.
Ripple CEO Brad Garlinghouse described the committee’s work as incredible leadership and framed the bill as a matter of basic fairness. “Millions of Americans are already in this market. They deserve the same rules and protections as every other asset class,” he said. “If the largest economy in the world is going to lead on crypto, and it must, this is the moment.”
Strategy CEO Phong Le said clarity would directly improve financial outcomes for ordinary Americans. “Digital assets will transform our financial markets by expanding access, accelerating settlement, lowering costs, and increasing returns,” he said.
Fidelity’s Public Policy team praised the committee, describing the bill as a balanced approach that would benefit American investors and help ensure the US remains a global leader in digital assets.
White House crypto adviser David Sacks called Thursday’s markup a monumental step in making the US the crypto capital of the world.
What the Bill Does
The CLARITY Act establishes a clear regulatory framework for digital asset markets, defining the boundaries between SEC and CFTC jurisdiction, creating rules for stablecoin yields, providing protections for software developers and self-custody users, and permanently classifying Bitcoin and Ethereum as non-securities.
Senate Banking Committee Chairman Tim Scott framed the legislation in straightforward terms. He said the legislation would provide clear regulatory guidelines for families, small businesses, investors, and digital asset innovators.
Related: David Sacks Calls CLARITY Act a Key Step for U.S. Crypto Policy
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