Senate Banking Committee Opens Historic Crypto Bill Markup as Warren, Republicans Clash Over CLARITY Act Amendments

The Senate Banking Committee has commenced a historic markup of H.R. 3633, the Digital Asset Market Clarity Act of 2025, representing a significant federal effort to regulate cryptocurrency. The session was marked by sharp partisan disagreements and procedural disputes, with a looming deadline before the Memorial Day recess. Chairman Tim Scott (R-SC) presented the bill as a necessary correction to regulatory uncertainty, aiming for consumer protection, innovation retention, and national security. However, Ranking Member Elizabeth Warren (D-MA) strongly criticized the bill, arguing it was industry-written and would undermine investor protections, enable consumer fraud, increase financial risks, and deepen national security vulnerabilities. A procedural fight over which amendments would be considered consumed the early part of the session, with Warren accusing Scott of unfairly ruling out Democratic amendments. Senator Cynthia Lummis (R-WY) defended the bill, detailing its anti-illicit-finance provisions and arguing that a regulatory framework is essential to address current risks. Several amendments were debated and voted on, with some passing with bipartisan support, while others, primarily proposed by Senator Warren, failed largely along party lines.

(Source：Bitcoin Magazine)