The Senate Banking Committee voted to advance the Clarity Act, a landmark cryptocurrency bill, to a full Senate vote. Two Democratic senators, Ruben Gallego and Angela Alsobrooks, broke party lines to support the bill, despite no agreement on ethics guardrails related to President Trump's crypto ventures. The bill would legalize most crypto activities in the U.S. if passed. It needs at least seven Democratic votes on the Senate floor. The committee's procedural drama included Chairman Tim Scott blocking votes on certain amendments, drawing criticism from Senator Elizabeth Warren. Crypto advocacy group Stand With Crypto scored lawmakers based on the vote, with Coinbase-backed PAC Fairshake planning to spend heavily on midterm elections.

Key facts

• Senate Banking Committee voted to advance the Clarity Act to full Senate.
• Two Democrats crossed party lines to support the bill despite no ethics deal on Trump's crypto.
• Bill needs at least 7 Democratic votes to pass the Senate floor.
• Chairman Scott blocked amendments on stablecoin yield and DeFi provisions.
• Stand With Crypto scored lawmakers; Fairshake to spend heavily on midterms.

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