Grayscale Investments detailed on May 15 what lies ahead for the CLARITY Act after the Senate Banking Committee advanced the digital asset market bill in a 15-9 vote. Two Democrats joined Republicans, granting the measure bipartisan momentum before a more challenging full Senate process.
Consolidation and Reconciliation
Zach Pandl, head of research at Grayscale, said, “The CLARITY Act has cleared a key hurdle in the Senate Banking Committee on a bipartisan vote.” The next phase starts with consolidation: CLARITY must be merged with the Digital Commodity Intermediaries Act (DCIA), which cleared the Senate Agriculture Committee on Jan. 29 in a 12-11 party-line vote. That combined Senate package also must be reconciled with the House version of CLARITY, passed last July.
The two Senate bills overlap but approach market structure differently. CLARITY is the broader framework, covering token classifications, investor disclosures, intermediary registration, banking integration, anti-money laundering (AML) rules, and the division of authority between the SEC and CFTC. It also includes a three-tier digital asset taxonomy, Regulation Crypto, and Bank Secrecy Act rules for crypto intermediaries. The DCIA is narrower, focusing on digital commodities, CFTC rules for brokers, custodians, exchanges, spot markets, customer fund segregation, disclosures, conflicts, and SEC coordination.
The bills also differ in how they divide oversight. CLARITY keeps the SEC involved in digital asset securities and certain ancillary asset offerings, while DCIA shifts more digital commodity spot market oversight toward the CFTC. CLARITY includes broader rules tied to banking integration, custody, payments, AML protections, and Treasury authority over high-risk foreign crypto transfers.
Senate Math and Passage Odds
Grayscale cited Polymarket and Kalshi contracts that placed passage odds near 70%. Those odds still depend on lawmakers merging the Banking and Agriculture bills, aligning the Senate package with the House measure, and securing enough Democratic support to clear the chamber. Pandl noted, “Odds of passage this year are high, in our view, but the bill will require bipartisan support to clear the full Senate and become law.”
Senate math remains the key constraint. Republicans hold 53 seats, so at least seven Democrats would need to support the legislation if Republicans stay united. Senators Ruben Gallego of Arizona and Angela Alsobrooks of Maryland backed CLARITY in committee. The GENIUS Act’s 68-30 Senate approval offers a recent model for bipartisan crypto legislation.
What’s Next
Federal lawmakers moved closer to a unified crypto rulebook as a key Senate committee advanced legislation expanding CFTC oversight and tightening compliance. Grayscale warns that the final bill may still face amendment challenges, especially in balancing investor protection with innovation. Market participants are closely watching the legislative timeline, hoping for clear regulatory boundaries to foster industry compliance and growth.