The Senate Banking Committee advanced the CLARITY Act by a bipartisan 15-9 vote, marking procedural progress for U.S. crypto market structure legislation. According to a16z, the bill would create a tailored legal framework for digital assets and divide oversight between the SEC and CFTC, while Chairman Tim Scott said it would modernize outdated rules. The markup was contentious, with Senator Elizabeth Warren criticizing the measure as crypto-industry driven, raising ethics concerns tied to President Donald Trump and his family’s reported crypto gains, and opposing provisions involving DeFi and sanctions. Banking groups also warned about stablecoin-yield provisions. Despite committee approval, the bill still faces a 60-vote Senate threshold to overcome a filibuster, requiring significant Democratic or independent support, and key senators including Ruben Gallego and Angela Alsobrooks indicated their committee votes should not be treated as final support.