#Gate广场五月交易分享

‍# CLARITY Act passes the Senate
Why was last night the most important step? What’s next for the bill?

Last night, the highly anticipated CLARITY Act was approved in the U.S. Senate Banking Committee with a vote of 15 to 9, clearing the biggest obstacle to its passage. Why is that?

The bill had already passed the House of Representatives, so the current focus is on securing enough votes in the Senate for approval. Before the Senate review, there are two major contentious clauses: one concerns the earnings from stablecoins—whether users holding stablecoins can earn yields, and in what form those yields are paid. Although a compromise has been reached after repeated negotiations between stablecoin entities and the banking industry, many banking professionals still do not accept this version. Prior to this, they lobbied extensively to delay the bill’s review. However, yesterday’s approval in the Senate Banking Committee indicates that the banking sector has accepted this latest compromise version; only one more controversial clause remains—an ethical clause about preventing government officials from profiting from the crypto industry.

What are the next legislative steps?

Although committee approval is a major breakthrough, the bill still needs to go through the following key steps before becoming law:

Full Senate Vote: The bill will be submitted to the entire Senate for review, requiring at least 60 votes to avoid lengthy debates. Currently, there are clear partisan divisions, with Democratic senators like Elizabeth Warren emphasizing that anti-money laundering provisions are weak and calling for stronger ethical standards to prevent officials from profiting from crypto projects. The Republican side needs to secure support from more than seven Democratic senators to make up the vote gap.

Coordination with the House version: The House passed its version of the bill in July 2025. Both chambers need to establish a conference committee to reconcile differences. The core dispute involves the stablecoin reward clause— the Senate version bans “idle holdings rewards” but allows transaction incentives; the House version is more lenient, which could trigger lobbying resistance from the banking industry. This coordination process must resolve these differences to produce a unified text.

Presidential signing: If both chambers pass the final version, the bill will be sent to President Trump for signing. The White House has expressed support, but the bill must be completed before the end of 2026 to avoid political upheaval after the midterm elections. If Democrats regain control of the House, the bill could be shelved.
This legislative path is full of uncertainties, with a tight timeline. The midterm elections in November are a critical window, but lobbying battles between the banking and crypto industries could delay progress. If the bill is successfully enacted, it will set a benchmark for the global digital asset market and drive trillions of dollars of capital into innovative sectors.