Senator Cynthia Lummis is pushing hard for a full Senate floor vote on the Digital Asset Market Clarity Act, declaring the bill's committee victory a turning point and vowing to see it throug
Senator Cynthia Lummis is pushing hard for a full Senate floor vote on the Digital Asset Market Clarity Act, declaring the bill's committee victory a turning point and vowing to see it through. "The floor is next. We did not come this far to quit at the 5 yard line," Lummis said.
The crypto industry notched a key win after the Senate Banking Committee approved the Clarity Act, the first wide-ranging piece of legislation pertaining to the industry.The committee voted largely along party lines, 15-9, with Democratic Senators Ruben Gallego of Arizona and Angela Alsobrooks of Maryland joining all Republicans on the panel.The administrative calendar step was completed by June 1, but the calendar entry does not set a floor vote date. It makes the bill eligible for full Senate consideration once leadership schedules debate.
Lummis, who chairs the digital assets subcommittee on the Senate banking panel, has been posting a steady stream of encouragement, writing on social media: "We are closer to a functioning digital asset market structure than we have ever been."She has also said the CLARITY Act can still reach the Senate's 60-vote threshold, even as banking groups increase pressure on lawmakers over stablecoin rewards and deposit-flight concerns.
On the Senate floor, the bill will need 60 votes to overcome a filibuster.A party-line approval of a parallel version in the Senate Agriculture Committee is now being litigated on certain points to bring that committee's Democrats on board.The bill must also be reconciled with the Senate Agriculture Committee's Digital Commodity Intermediaries Act before it can go to the full Senate.
Democratic Banking Committee members have demanded that CLARITY include language restricting government officials from engaging in crypto activity that creates conflicts of interest, a concern driven primarily by the cryptoasset business activities of President Donald Trump's family.Lobbyists from the banking industry are also expected to keep pressing on the bill, which includes a section on stablecoin yield that bankers see as a threat to their deposit base.
Galaxy Research has raised its probability of the legislation becoming law in 2026 to 75% following the committee breakthrough, with analyst Alex Thorn estimating the bill could be signed into law during the week of August 3 if Congress maintains its current pace.Even so, the Senate calendar is a zero-sum proposition at this stage, meaning every hour devoted to anything that is not the Clarity Act reduces the odds of the chamber having enough bandwidth for the bill.
Sources:CNBC: Crypto industry scores win as Clarity Act clears Senate hurdleCoinDesk: Clarity Act clears U.S. Senate committee, on its way to a final test in CongressCrypto.news: Clarity Act floor vote could come by August, says Lummis
