The Senate Agriculture Committee dropped a bipartisan crypto market structure bill that mirrors over 80% of the House's CLARITY Act, setting up what could be the final regulatory framework for digital assets in 2026.
Patrick Witt, Executive Director of President Trump's Council of Advisers on Digital Assets, stated on X, "The newly released Senate Ag market structure bill is a quality bipartisan product that deserves the support of the entire committee at Tuesday's markup."
The bill represents months of negotiations between Chairman John Boozman and Senator Cory Booker. Most changes from the House version came as concessions to Booker, pushing the legislation toward broader bipartisan support.
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The Senate Agriculture text closely follows the House CLARITY Act, which secured 17 out of 24 Democrat votes in the Ag committee and nearly 40% of the entire Democrat caucus during floor votes. Key Democrats including Nancy Pelosi, Pete Aguilar, and Ted Lieu backed the House version.
Lummis Warns: Warren's Anti-Crypto Push Could Unravel Protections
Senator Cynthia Lummis warned on X, "For four years the Biden administration tried to kill the digital asset industry with its regulatory warfare. The CLARITY Act locks in protections anti-digital asset leaders like Elizabeth Warren can't undo."
The Wyoming Senator's statement highlights a critical timeline. With Democrats potentially reclaiming control in future cycles, passing comprehensive crypto regulation now could protect the industry from hostile regulatory actions.
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Industry leaders point to the four-year regulatory campaign under the previous administration as evidence of what's at stake. The Biden-era approach used enforcement actions rather than clear rules, creating uncertainty that drove innovation offshore.
The Senate Banking Committee and Senate Agriculture Committee must combine their respective drafts into a single bill before reconciling it with the House's CLARITY Act. The Banking panel already circulated its version, while Agriculture finalized its text this week.
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Tuesday Markup Could Fast-Track Digital Asset Framework
Boozman thanked the committee for its "leadership and commitment to transparency throughout this process." The Senate Agriculture Committee scheduled its markup session for Tuesday, where members will vote on amendments before sending the bill to the Senate floor.
The legislation addresses roughly 80% of the crypto market that the GENIUS Act—the stablecoin bill Trump signed into law—left untouched. The market structure bill would establish clear jurisdictional lines between the SEC and CFTC for digital assets.
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Getting the bill to Trump's desk requires a supermajority in the Senate due to procedural rules. Both Boozman and Banking Committee Chairman Tim Scott must gather enough votes from both parties to advance their versions before merging them into final legislation.
The White House maintains regular contact with both committees working on the bill. Officials expressed confidence that whatever emerges from the Senate will be acceptable to the House without requiring another round of negotiations.
3 Key Takeaways:
Senate Ag bill mirrors 80%+ of House CLARITY Act with Democrat concessions for bipartisan backing
Lummis warns bill locks in protections against future anti-crypto regulatory warfare from Warren
Tuesday markup could fast-track legislation covering 80% of crypto market left out of GENIUS Act
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