The Trump administration and top cryptocurrency executives are celebrating before the Senate Banking Committee takes up the Digital Asset Market Clarity Act, with the bill now close to a serious vote after years of legal fog around cryptocurrencies.
According to Coinbase CEO Brian Armstrong, “Clarity is closer than ever. The bill is strong.” He highlighted how it will make America’s financial infrastructure faster, more accessible and less expensive, as well as ensuring America remains at the forefront of building the new world of finance.
Additionally, he thanked the Senate, his staff, and the millions of cryptocurrency supporters who made this possible, concluding, “Mark it.”
Cryptocurrency leaders are pushing the Senate to pass clear rules for digital assets
“Clarity is coming,” Tether CEO Paolo Ardoino noted. That was all he had to say; However, everyone understood the sentiment in the cryptocurrency market: stablecoin issuers, exchanges, developers, lawyers, and cryptocurrency investors wanted Congress to stop leaving cryptocurrencies stuck in bureaucratic battles and outdated market legislation.
David Sachs, who serves as chairman of the President’s Council of Advisors on Science and Technology, linked the hearing to the push for cryptocurrencies by the Trump administration. According to him, “Tomorrow’s Digital Asset Market Clarity Code is a big step in making the United States the crypto capital of the world and keeping America at the forefront of technological advancement.”
Additionally, David thanked Senator Tim Scott, the committee members, White House Crypto Head Patrick Witt, and the cryptocurrency industry in general for passing this bill. The Chairman stated that nearly 50 million Americans either invest in or use cryptocurrencies, which means that the legislation will decide how the cryptocurrency market develops within the country.
Tim Scott Confirm “Families, small businesses, investors and innovators deserve certainty about the legal framework around digital assets.” According to him, passage of the Senate Banking Committee’s version of the CLARITY Act will ensure market certainty, consumer protection, accountability, protect Main Street, strengthen national security, and further develop digital assets in the United States.
“The Senate Banking Committee is rolling up its sleeves and moving the Clarity Act forward,” noted Brad Garlinghouse, CEO of private cryptocurrency firm Ripple Labs. Brad added that millions of Americans already trade cryptocurrencies, and they deserve to have the same regulations as investors in other asset classes. The reason Ripple is involved in the discussion of US cryptocurrency regulations is due to the company’s struggle with XRP.
“67 million Americans own cryptocurrencies today – and every US Senator on the Senate Banking Committee represents them,” said Stuart Alderotti, chief legal officer at Ripple.
Stewart cited the National Cryptocurrency Association’s 2026 State of Cryptocurrency Holders report, saying that cryptocurrency holders include construction workers, retirees, small business owners, and parents at every income level, industry, and state.
He said they need clear rules, strong consumer protections, and a framework that allows responsible cryptocurrency projects to grow in the United States.
“It’s time to pass the Clarity Act,” said Marc Andreessen, co-founder of Andreessen Horowitz. Mark’s company has backed many cryptocurrency and technology companies, so his statement adds another Silicon Valley voice to the lobbying campaign around the bill.
Senators target stablecoin bounties, cryptocurrency bailouts, and Trump family’s banking ties
The hearing will not be a quiet paperwork session. Lawmakers will vote on each amendment to the large bill before deciding whether the package should go to the Senate. The proposed changes cover stablecoin rewards, government support for cryptocurrency companies, and business ties involving Trump and his family.
Senator Jack Reed of Rhode Island made an amendment using the banking industry’s preferred wording on stablecoin returns. His proposal would force every member of the Senate Banking Committee to vote on whether that language should be included The law of clarity.
Banks and cryptocurrency lobbyists have spent months fighting over rewards programs tied to stablecoins, digital tokens tied to the US dollar. The current bill language has support from cryptocurrency groups, while traditional banks are strongly resisting.
Senator Tina Smith of Minnesota added another amendment aimed at financial risks. Its language would prevent the US government from providing financial assistance to cryptocurrency companies to stop them from failing or going bankrupt. This would close the door on any federal bailout if a cryptocurrency company explodes and asks Washington for support.
Senator Elizabeth Warren of Massachusetts introduced a separate amendment aimed at providing access to banking services to politically connected institutions. Her proposal would block federal approval of applications related to banking for entities directly related to the president, vice president, members of Congress or their close relatives. It would also prevent these officials and their family members from owning or controlling banks.
The aim is not entirely accurate. World Liberty Financial, the Trump family’s cryptocurrency company, this year applied for a banking charter from the Trump administration, and Democrats, including Elizabeth, attacked the setup as alleged self-dealing.
