The Senate Banking Committee is advancing toward a markup on comprehensive cryptocurrency market structure legislation, with a potential vote set for May 11. Committee Chair Tim Scott aims for a bipartisan markup in mid-May, followed by a possible floor vote in June or July.

This effort builds on the House-passed Digital Asset Market Clarity Act of 2025, known as the CLARITY Act (H.R. 3633), which cleared the House and arrived in the Senate on September 18, 2025. Sponsored by Rep. French Hill (R-AR), the bill establishes a framework for digital commodities, assigning primary oversight of transactions, exchanges, brokers, and dealers to the Commodity Futures Trading Commission (CFTC). The SEC retains authority over certain activities tied to investment contracts, with exemptions for mature, decentralized blockchains and secondary market trades.

Earlier this year, the Senate Agriculture Committee advanced its version of the market structure bill on January 29 along party lines, voting 12-11 to send it forward. The legislation seeks to divide regulatory jurisdiction between the CFTC and SEC, addressing long-standing uncertainty in the crypto sector.

On April 9, SEC Chair Paul Atkins, Treasury Secretary Scott Bessent, and White House crypto advisor David Sacks urged Congress to pass the CLARITY Act immediately, arguing it would define securities status for tokens, regulate trading platforms, and bolster anti-fraud measures while keeping innovation in the U.S. They emphasized preventing the exodus of blockchain development to jurisdictions like Abu Dhabi and Singapore.

Progress has faced hurdles, including disputes over stablecoin rewards, DeFi provisions, and illicit finance safeguards. Sen. Elizabeth Warren has raised concerns about ethics, particularly ties between Trump family ventures, such as World Liberty Financial and American Bitcoin, and the industry, which reportedly generated at least $1.4 billion. Sen. John Kennedy has withheld support amid unrelated negotiations.

More than 100 crypto firms recently pressed the Senate to act, prioritizing clear SEC and CFTC roles. Passage requires 60 Senate votes, with estimates ranging from 15-25% to 50% odds this year.

The push aligns with broader Trump administration priorities, complementing the Genius Act signed last year, and aims to position the U.S. as a leader in digital finance.