Last-Minute Senate Compromise Pushes "Crypto Clarity" Bill Toward Floor Vote
A last-minute Senate agreement has moved the Digital Asset Market Clarity Act a step closer to a full floor vote, after lawmakers rewrote key provisions on crypto oversight and banking rules. The Senate Banking Committee advanced the measure on May 14 by a 15–9 bipartisan vote, following hours of closed-door talks and multiple eleventh-hour edits to the draft.
Crypto in America reported that the breakthrough came shortly after the hearing began, when senators resolved several disputed issues behind the scenes. Democratic Sens. Angela Alsobrooks and Ruben Gallego joined Republicans in backing the bill, helping secure passage out of committee.
Negotiations had been under strain the night before the hearing, according to people familiar with the talks. While both parties made headway on ethics guardrails for government officials, the talks stalled late Wednesday over the Blockchain Regulatory Certainty Act — specifically, protections for noncustodial software developers. Republicans pushed back on Democratic revisions tied to money transmitter rules, leaving the final language unsettled heading into Thursday's hearing.
Discussions continued Thursday morning as several pro-crypto Democrats met privately to weigh concessions. A Banking Committee staffer told Crypto in America that members were still negotiating as late as 10:29 a.m. Shortly after Chairman Tim Scott opened the hearing, Sens. Cynthia Lummis, Thom Tillis, Alsobrooks, and Gallego met in a committee anteroom to iron out remaining disputes while the public session continued.
The final compromise adjusted amendments related to banking requirements, tokenization, insider trading, and consumer protections. Lawmakers also removed language tied to the Blockchain Regulatory Certainty Act from one section of the bill. Those changes helped win support from Gallego and Alsobrooks, though both emphasized that further negotiations are expected before a floor vote.
"I want to be clear: my vote here does not guarantee a vote on the floor," Gallego said, citing unresolved issues. Democrats are still pressing for tougher ethics rules governing elected officials and crypto holdings. Gallego later described the talks as close to completion but not finished.
Next, the bill is expected to be combined with language from the Senate Agriculture Committee before it reaches the Senate floor, as lawmakers work through remaining differences.
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