Senate Democrats divided on CLARITY Act vote

Senate Banking Democrats are split on the CLARITY Act. Key deal-makers and a swing vote will likely decide its fate. Democratic support is crucial for the bill’s passage.

The CLARITY Act, aimed at establishing a regulatory framework for digital assets, faces a crucial markup in the Senate Banking Committee on May 14. Analyses from Galaxy Digital and Galaxy Research indicate a split among Democratic committee members: two are supportive or pro-framework, four are opposed, four are deal-makers or conditional supporters, and one is a swing vote. Notable supporters include Ruben Gallego and Angela Alsobrooks, while Mark Warner and Catherine Cortez Masto could be persuaded if their concerns are addressed. The outcome of this markup is pivotal, as Democratic support would significantly improve the bill’s chances of passing the Senate, where 60 votes are required. This internal division underscores the need for bipartisan cooperation. The positions of deal-makers and the swing vote are likely to determine the bill’s fate. The markup represents a major milestone for U.S. digital asset regulation.