The Senate advanced the Digital Asset Market Clarity Act after lawmakers reached a last-minute agreement during a tense Banking Committee hearing. The committee approved the bill on May 14 in a 15–9 bipartisan vote, following hours of closed-door negotiations and several last-minute changes to the draft.
According to the Crypto in America report, the agreement came shortly after the hearing began when senators settled several disputed issues behind the scenes. Senators Angela Alsobrooks and Ruben Gallego joined Republicans in supporting the measure, helping secure the final vote. The compromise followed extended negotiations over ethics rules and crypto market oversight.
The legislation now advances to the full Senate with broader bipartisan support, although disagreements remain over how strictly the crypto industry should be regulated going forward.
Negotiations over the Digital Asset Market Clarity Act faced pressure the night before the Senate Banking Committee hearing, according to people familiar with the talks. Republicans and Democrats made progress on ethics safeguards for government officials, but disagreements over the Blockchain Regulatory Certainty Act delayed a final agreement late Wednesday.
The main sticking point involved protections for non-custodial software developers. Republicans opposed Democratic revisions linked to money transmitter rules. As a result, lawmakers entered Thursday’s hearing without resolving the final language.
Tensions continued into Thursday morning as several pro-crypto Democrats met privately to discuss strategy and possible concessions. “Members were still hashing it out as late as 10:29 a.m.,” one Banking staffer told Crypto In America. “It was pretty unbelievable.”
Shortly after Chairman Tim Scott opened the hearing, a small bipartisan group met inside a committee anteroom. Senators Cynthia Lummis, Thom Tillis, Angela Alsobrooks, and Ruben Gallego worked through the remaining disputes while the public session continued outside.
(adsbygoogle = window.adsbygoogle || []).push({});The final compromise revised several amendments tied to banking rules, tokenization, insider trading, and consumer protections. Lawmakers also removed language linked to the Blockchain Regulatory Certainty Act from one section of the bill.
The changes helped secure support from Senators Ruben Gallego and Angela Alsobrooks. However, both lawmakers said discussions remain open ahead of a final Senate vote. “I want to be clear: my vote here does not guarantee a vote on the floor,” Gallego said. “We have many outstanding issues still to resolve.”
Democrats continue to push for stronger ethics rules covering elected officials and crypto holdings. Gallego later described the negotiations as near completion but not finished.
The bill will now combine with language from the Senate Agriculture Committee before reaching the Senate floor. Lawmakers continue to work through final differences as the legislation moves closer to a full vote.
