The US Senate Banking Committee is scheduled to review the Digital Asset Market CLARITY Act today at 10:30 AM ET. Before the session, major crypto and financial firms including Coinbase, Ripple, and Fidelity Investments publicly backed the proposal. According to the report, the bill already has enough committee support to move ahead.
The bill would redraw the SEC-CFTC divide
The CLARITY Act is being framed as a major attempt to reset how digital assets are regulated in the United States. Under the proposal, the SEC and CFTC would split oversight, and many digital assets could be treated as commodities rather than securities. For firms operating in the US market, that shift would address a long-running source of legal uncertainty.
The legislation also contains stablecoin provisions and protections for decentralized finance, or DeFi, developers. Supporters say that structure would make crypto markets easier to supervise and safer for investors. Critics are pushing for tougher ethics language and stronger oversight standards. The House already passed its own version of the CLARITY Act in 2025, making the Senate markup another important stage in the process.
Coinbase, Fidelity, and Ripple line up behind the proposal
Coinbase CEO Brian Armstrong called the bill “the best place we’ve seen so far” and said Coinbase would support the Senate markup after lawmakers reached compromises on disputed sections. Fidelity Investments also endorsed the measure, describing it as “a balanced approach.” The report said estimates place Fidelity’s assets under management across its businesses between $7 trillion and $18 trillion.
Ripple publicly supported the bill as well. CEO Brad Garlinghouse said millions of Americans already use these markets and deserve clear rules. Ripple executives argued that the legislation could modernize the US financial system by lowering settlement costs and expanding access. Tether CEO Paolo Ardoino, Ondo Finance, and David Sacks also praised the proposal.
Negotiations stalled even as support widened
Backing for the bill grew, but Senate talks became tense late Wednesday. Senator Cynthia Lummis said lawmakers had reached agreement on “99%” of the bill. The negotiations later broke down over ethics language tied to the First Family and protections for non-custodial crypto developers.
Senator Elizabeth Warren filed more than 40 amendments ahead of the markup, while reports said senators submitted over 100 amendments in total. Senator Tim Scott may reject some of them over drafting issues. Senator John Kennedy confirmed he would vote in favor, helping secure the 13 votes needed for committee approval. Politico reported that Democrats can no longer block the markup through procedure.
Market reaction turned positive, but big inflow claims remain unverified
Traders responded positively to the updates, and bullish sentiment on social media picked up after reports said committee support was in place. XRP traders paid close attention because Ripple has strongly backed the bill. Some market commentators argued that the CLARITY Act could trigger a broader rally.
The same report said claims of an immediate $2.5 trillion injection into crypto markets have not been verified. Analysts instead said regulatory clarity may attract capital over time, not all at once. A recent HarrisX poll found that about 70% of US voters believe Congress should already have passed cryptocurrency legislation, adding pressure on lawmakers to finish digital asset rules this year.
Committee approval would still leave more votes ahead
Even if the bill clears committee review, it must still pass the full Senate and House before reaching President Donald Trump’s desk. For the market, each upcoming vote could matter because the legislation may shape how companies operate in the United States for years. What is clear now is that the bill is closer to passage than before, while unresolved sections could still alter the final text.