CLARITY Act clears Senate Banking Committee in bipartisan vote, heads to full Senate floor!

The Senate Banking Committee voted on May 14 to advance the Digital Asset Market CLARITY Act to the full Senate floor on bipartisan lines, marking the most significant legislative milestone in US crypto history. The bill explicitly divides regulatory jurisdiction: the CFTC gains sweeping authority over crypto spot markets, while the SEC retains oversight of digital asset securities and primary investment contract offerings.

White House crypto advisory director Patrick Witt called it "necessary policy for the United States to maintain our leadership position in global financial markets." Coinbase CEO Brian Armstrong added that the legislation will make the US financial system "faster, cheaper, and more accessible" while positioning America to lead the next generation of global finance.

The path to enactment remains steep. The bill must clear a Senate floor vote requiring a 60-vote…