BlockBeats News, May 15th. The U.S. Senate Banking Committee passed the "CLARITY Act" on May 14th, and the bill is now set to be considered by the full Senate. The voting results mostly followed party lines — all 13 Republican committee members voted in favor, while among the 11 Democratic members, only Ruben Gallego and Angela Alsobrooks voted in support. Committee Chair Tim Scott characterized this vote as a "success of bipartisanship," but Democratic Senator Jack Reed objected, stating that Republicans arbitrarily dismissed Democratic concerns — including issues related to cryptocurrency-enabled crime and the President's personal enrichment through cryptocurrency projects. The Democratic minority later issued a statement pointing out that the current version failed to adopt global anti-money laundering standards, exempt DeFi protocols from financial regulation, and did not address regulatory gaps concerning cryptocurrency mixing services.

In order for the Senate to pass the "CLARITY Act," Republicans would need to secure 60 votes, requiring at least 7 Democratic senators to cross party lines in support. Tim Scott had previously indicated that 12 Democrats were open to the market structure bill, but with the current deepening partisan divide, the viability of this assessment remains uncertain. The Congressional Progressive Caucus has announced opposition to any legislation that could allow the Trump family to profit from cryptocurrency.

The debate over ethical clauses also extends to the stablecoin yield issue. The committee's final version prohibits stablecoins from paying interest, aligning with the banking industry's stance; however, it still allows cryptocurrency platforms to offer behavior-based rewards. Anonymous trader 10 Delta commented that the yield "ban" is merely a "token gesture," merely a PR victory for banks, with limited actual impact. The cryptocurrency industry, overall, is optimistic about the outcome of this committee review. Alexander Lorenzo, founder of CoinPicks Capital, pointed out that after the "GENIUS Act" passed through the same process last July, Bitcoin hit a historic high of $123,000 within weeks; whereas the "CLARITY Act" has a broader scope, covering the entire cryptocurrency market rather than just stablecoins.