ME News reports that on May 16 (UTC+8), Alex Thorn, Head of Research at Galaxy, posted on X that the U.S. Senate Banking Committee voted 15-9 on Thursday to advance the CLARITY Act (Digital Asset Market Structure Legislation), moving the bill to the full Senate for consideration. Key developments: During the vote, Senator Ruben Gallego (D-AZ) expressed support for advancing the bill out of committee but emphasized that committee “agreement” does not equate to final voting support. Committee Chairman Senator Tim Scott (R-SC) announced a bipartisan compromise and incorporated five amendments proposed by Senator Cynthia Lummis (R-WY), leading to the bill’s passage. In the final committee vote to advance the bill, only Gallego and Senator Angela Alsobrooks (D-MD) voted in favor of sending it out of committee; both Democratic senators stressed they have not committed to voting yes on the full Senate floor. Next steps: The Banking Committee’s version must be reconciled with the version previously approved by the Agriculture Committee. Majority Leader Senator John Thune (R-SD) has scheduled full Senate debate, expected to take approximately one week. If on schedule, CLARITY could complete Senate-House reconciliation and be delivered to President Trump for signature before August. Observations: This committee vote demonstrates that the CLARITY Act still holds bipartisan potential, particularly as Gallego and Alsobrooks broke party lines to support its advancement—increasing the likelihood of passage in the full Senate. The key unresolved issue is the “ethics provision,” which would impose restrictions on digital asset holdings or profits by senior government officials and related parties. Other potential areas for further negotiation include DeFi regulation and the Blockchain Regulatory Certainty Act (BRCA). Overall, the CLARITY Act is poised to lay the foundation for innovation and investor protection in the U.S. digital asset market, with significance comparable to the historic impact of the Securities Act of 1933 and the Securities Exchange Act of 1934 on capital markets. (Source: PANews)
Head of Galaxy Research Outlines CLARITY Act Timeline; Bill May Reach Trump for Signature by August
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Summary
Galaxy Research Director Alex Thorn highlighted the progress of the CLARITY Act, noting that the U.S. Senate Banking Committee passed the bill on May 16 (UTC+8) by a 15-9 vote. The bipartisan version includes five amendments from Senator Cynthia Lummis. The bill now moves to full Senate reconciliation with the House version, with a potential August timeline for final passage and President Trump’s signature. The legislation addresses CFT (Countering the Financing of Terrorism) and aims to bring liquidity and crypto markets under clearer regulatory frameworks.
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