Sen. Cynthia Lummis is pushing for the CLARITY Act’s final Senate stretch after the crypto market-structure bill cleared committee and moved closer to a full floor fight.
“The Clarity Act passed committee. The floor is next. We did not come this far to quit at the 5 yard line,” Lummis wrote in a June 8 post, framing the next stage as a final push rather than another policy restart.
The message follows the Senate Banking Committee’s 15-9 vote to advance H.R. 3633, the Digital Asset Market Clarity Act of 2025. The bill now moves into its harder stage: securing floor time, holding together enough bipartisan support, and aligning the Senate version with the House-passed framework.
Crypto Rulebook Moves Closer To A Floor Test
The CLARITY Act is designed to create a federal market-structure rulebook for digital assets. The bill framework gives the CFTC primary oversight over many digital commodity transactions, preserves SEC authority over certain securities-related activity, and creates requirements around digital commodity exchanges, brokers, dealers, customer-asset handling, trade monitoring and recordkeeping.
The House passed H.R. 3633 in July 2025 by a 294-134 vote. The Senate Banking vote gave the bill its strongest Senate momentum so far, but it did not make the measure law. The next stage still requires full Senate passage, possible revisions, House alignment and a final signature.
The 15-9 committee vote showed progress, but also exposed the floor challenge. Republicans supported the measure, while Democratic Senators Ruben Gallego and Angela Alsobrooks helped give it a bipartisan committee result. The full Senate path will likely require a broader coalition if the bill faces a 60-vote threshold.
Stablecoin Rewards And Bank Pressure Remain In Play
The biggest unresolved fight remains stablecoin rewards. Banks want tighter limits on crypto platforms that offer rewards tied to stablecoin balances, arguing that such products could compete with deposits. Crypto firms want room for activity-based rewards that do not function like bank-account interest.
The recent Tillis-backed compromise tries to split that line by restricting passive holding yield while leaving room for rewards tied to actual platform activity. That language helped move the bill through committee, but the same issue could return during floor negotiations if bank lobbying intensifies.
Prediction markets have already treated the committee vote as a meaningful catalyst. Kalshi traders recently priced a stronger chance of 2026 passage after the Senate vote, with CLARITY Act odds rising to 71% before the next floor test.
Lummis Turns Momentum Into Pressure
Lummis’ “5 yard line” message is aimed at keeping the bill from stalling after committee. That matters because crypto market-structure reform has repeatedly lost momentum when lawmakers reached the details: stablecoin yield, anti-money-laundering rules, DeFi treatment, developer protections, market-maker obligations, ethics language and agency jurisdiction.
The industry argument is straightforward. Exchanges, custodians, token issuers, brokers and institutional investors want a clearer U.S. framework after years of enforcement-driven uncertainty. A passed CLARITY Act would not remove all regulatory risk, but it would give the market a clearer SEC-CFTC split and a statutory path for compliant digital-asset activity.
The next concrete test is floor timing. Committee passage gave Lummis and other crypto-policy advocates a stronger hand, but the bill still has to survive the full Senate, unresolved amendment fights and final alignment with the House. The CLARITY Act is closer than before. It is not finished yet.
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