The Digital Asset Market Clarity Act cleared the Senate Banking Committee by a 15-9 vote after lawmakers struck a compromise just before the hearing began. The deal gave the bill enough bipartisan support to survive a markup session that had appeared at risk only hours earlier.
According to Crypto In America, the agreement was finalized during the committee process itself. Senators Angela Alsobrooks and Ruben Gallego joined Republicans in backing the measure after extended disputes over ethics rules and protections tied to developers.
Talks restarted Thursday morning after Wednesday breakdown
Negotiations between Republicans and Democrats had fallen apart Wednesday night without a deal. The sticking points were ethics guardrails and proposed edits connected to the Blockchain Regulatory Certainty Act, or BRCA.
Talks resumed Thursday morning before the hearing at the Dirksen Senate Office Building. Mark Warner, Catherine Cortez Masto, Raphael Warnock, Angela Alsobrooks, and Ruben Gallego reportedly met in private before the markup opened.
At the same time, Senate Banking Committee Chairman Tim Scott opened the hearing while closed-door negotiations were still underway. Committee staffers cited by Crypto In America said lawmakers were still locking down final terms minutes after proceedings had started.
Five Lummis amendments changed, BRCA text removed from Section 301
While the public debate moved forward, a bipartisan group met in the committee ante room to settle revised amendment language. Senators Thom Tillis, Cynthia Lummis, Alsobrooks, and Gallego were reportedly involved in the final bargaining.
The compromise revised five amendments proposed by Cynthia Lummis before the committee vote. One of the biggest changes was the removal of BRCA-related language from Section 301 of the bill.
Other edits added language on insider trading involving ancillary assets and kept state consumer protection laws intact. The revised package also included provisions allowing banks and credit unions to take part in digital asset activities.
Floor support remains uncertain despite committee approval
After the compromise, all revised amendments returned to the voting lineup and later passed with bipartisan backing. The committee then approved the CLARITY Act.
Gallego said his committee vote should not be read as a commitment to support the bill on the Senate floor. He said lawmakers still need an agreement on ethics guardrails dealing with elected officials and crypto affiliations.
The legislation will next be merged with the Senate Agriculture Committee’s Digital Commodity Intermediaries Act before moving to the full Senate for debate.