A major U.S. crypto regulation bill moved closer to becoming law after the CLARITY Act passed the Senate Banking Committee with support from both parties. The news sparked a broad rally in digital asset markets.
The committee approved the bill in a 15-9 vote, with Democratic senators Ruben Gallego and Angela Alsobrooks joining Republicans in support. Many see this as one of the biggest regulatory steps for the crypto industry in years.
Senator Alsobrooks warned that her support in committee does not mean she will back the bill on the Senate floor. She said lawmakers still need to address concerns about consumer protection and the risk of money moving from banks to stablecoins and crypto platforms.
The vote happened even though some lawmakers and banking groups opposed the bill. Senator Catherine Cortez Masto tried to bring back an amendment for banking concerns, but committee chairman Tim Scott ruled it out of order.
Traditional banks have strongly lobbied against parts of the bill, reportedly sending thousands of letters to senators. They warn that some stablecoin rules could give too much advantage to the crypto industry.
Despite political disagreements, markets reacted positively. Bitcoin rose to about $81,000 after the vote, and XRP went up about 4% as investors hoped clearer rules would help digital assets gain wider use.
Crypto-related stocks also saw strong gains. Coinbase shares rose about 9%, and Strategy went up nearly 8% as investors expected more regulatory clarity for companies with large bitcoin holdings.
The bill now goes to the Senate floor and will later be matched with a House version. If both chambers approve it, the legislation will go to President Donald Trump.
The proposed framework would set clearer legal rules for digital assets in the U.S., something the crypto industry has wanted for years due to ongoing uncertainty about enforcement and oversight.
You need to login in order to Like
Leave a comment