The U.S. Senate Banking Committee voted 15 to 9 in a bipartisan manner to advance the Clarity Act, a landmark piece of legislation for the crypto industry. This development, combined with positive market sentiment, propelled Bitcoin above $82,000—a price point not seen for weeks. The digital asset later settled around $81,500, marking a daily gain of roughly 2.5%.
The bill, which had already passed the House, aims to delineate regulatory boundaries between the SEC and CFTC. Digital commodities would fall under CFTC oversight, while digital securities remain with the SEC. This clarity is expected to unlock institutional capital that has been hesitant due to ambiguous rules. Two Democrats joined all 13 Republicans on the committee in supporting the bill, highlighting its cross-party appeal.
However, challenges remain before the bill becomes law. Key among them is an unresolved ethics provision concerning lawmakers’ trading of crypto tokens. Industry observers anticipate a deal before the floor vote to secure the necessary 60-vote threshold. Additionally, White House adviser Patrick Witt signaled that the administration would reject any ethics language targeting the president, adding complexity to negotiations.
The Clarity Act must still pass a full Senate vote, reconcile with an Agriculture Committee version, and align with House text. Senator Lummis and Moreno stressed that missing the May 21 recess deadline could postpone legislative progress until 2030. For Bitcoin, the committee vote serves as a strong confidence indicator, but the real impact will come from a comprehensive regulatory framework that reduces institutional risk. Coinbase VP Kara Calvert emphasized the need for at least 60 votes, underscoring the bipartisan effort required.