{"id":3735529,"date":"2026-05-14T20:09:11","date_gmt":"2026-05-15T00:09:11","guid":{"rendered":"https:\/\/www.pymnts.com\/?p=3735529"},"modified":"2026-05-17T22:22:13","modified_gmt":"2026-05-18T02:22:13","slug":"senate-votes-yes-on-crypto-but-industry-doesnt-have-full-clarity-yet","status":"publish","type":"post","link":"https:\/\/www.pymnts.com\/cryptocurrency\/2026\/senate-votes-yes-on-crypto-but-industry-doesnt-have-full-clarity-yet\/","title":{"rendered":"Crypto\u2019s Big Senate Win Leaves Banks With Bigger Worries"},"content":{"rendered":"<p>Regulations can create winners and losers, as well as kick off unpredictable second-order effects.<\/p><div\r\n\tid=\"article-paywall-overlay\"\r\n\tclass=\"d-none\"\r\n>\r\n\t<div id=\"article-paywall-content\" class=\"my-4\">\r\n\t\t\n<div class=\"wpcf7 no-js\" id=\"wpcf7-f2699550-o1\" lang=\"en-US\" dir=\"ltr\" data-wpcf7-id=\"2699550\">\n<div class=\"screen-reader-response\"><p role=\"status\" aria-live=\"polite\" 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PYMNTS content \u2014 no additional logins required.\n\t<\/p>\n\t<div id='registrationContainer' class='container px-0'>\n\t\t<div class=\"row\">\n\t\t\t<div class=\"col-12 col-md-6\">\n\t\t\t\t<p><span class=\"wpcf7-form-control-wrap\" data-name=\"firstName\"><input size=\"40\" maxlength=\"400\" class=\"wpcf7-form-control wpcf7-text wpcf7-validates-as-required form-control border-secondary\" id=\"firstName\" aria-required=\"true\" aria-invalid=\"false\" placeholder=\"First Name*\" value=\"\" type=\"text\" name=\"firstName\" \/><\/span>\n\t\t\t\t<\/p>\n\t\t\t<\/div>\n\t\t\t<div class=\"col-12 col-md-6\">\n\t\t\t\t<p><span class=\"wpcf7-form-control-wrap\" data-name=\"lastName\"><input size=\"40\" maxlength=\"400\" class=\"wpcf7-form-control wpcf7-text wpcf7-validates-as-required form-control border-secondary\" id=\"lastName\" aria-required=\"true\" aria-invalid=\"false\" placeholder=\"Last Name*\" value=\"\" type=\"text\" name=\"lastName\" 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class=\"wpcf7-form-control wpcf7-hidden\" value=\"\" type=\"hidden\" name=\"email\" \/>\n\t\t\t<\/div>\n\t\t\t<div class=\"col-12\">\n\t\t\t\t<p><span class=\"wpcf7-form-control-wrap\" data-name=\"newsLetterChoice\"><span class=\"wpcf7-form-control wpcf7-checkbox me-1\" id=\"checkNewsletter\"><span class=\"wpcf7-list-item first last\"><input type=\"checkbox\" name=\"newsLetterChoice[]\" value=\"yes\" checked=\"checked\" \/><span class=\"wpcf7-list-item-label\">yes<\/span><\/span><\/span><\/span><span class=\"small\">Subscribe to our daily newsletter, PYMNTS Today.<\/span>\n\t\t\t\t<\/p>\n\t\t\t\t<p class=\"small lh-base\" style=\"font-size:.9rem;\">By completing this form, you agree to receive marketing communications from PYMNTS and to the sharing of your information with our sponsor, if applicable, in accordance with our <a class=\"fw-bold\" href=\"https:\/\/pymnts-com-develop.go-vip.net\/privacy-policy\/\">Privacy Policy<\/a> and <a class=\"fw-bold\" href=\"https:\/\/pymnts-com-develop.go-vip.net\/terms-conditions\/\">Terms and Conditions<\/a>.\n\t\t\t\t<\/p>\n\t\t\t\t<p><input id='hiddenPath' type='hidden' name='path' value='' \/><input type='hidden' name='userDeviceId' id='userDeviceId' \/><input type='hidden' name='pageTitle' id='pageTitle' \/>\n\t\t\t\t<\/p>\n\t\t\t<\/div>\n\t\t\t<div class=\"col-12\">\n\t\t\t\t<div id='formButtonRow' class='container mt-1 px-0'>\n\t\t\t\t\t<p><input class=\"wpcf7-form-control wpcf7-submit has-spinner btn btn-dark text-uppercase py-2 px-5 small\" id=\"theSubmitButton\" type=\"submit\" value=\"Submit\" \/>\n\t\t\t\t\t<\/p>\n\t\t\t\t<\/div>\n\t\t\t<\/div>\n\t\t<\/div>\n\t<\/div>\n<\/div><input type=\"hidden\" name=\"post_id\" value=\"3735529\" \/><input type=\"hidden\" name=\"source\" value=\"https:\/\/www.pymnts.com\/cryptocurrency\/2026\/senate-votes-yes-on-crypto-but-industry-doesnt-have-full-clarity-yet\/\" \/><p style=\"display: none !important;\" class=\"akismet-fields-container\" data-prefix=\"_wpcf7_ak_\"><label>&#916;<textarea name=\"_wpcf7_ak_hp_textarea\" cols=\"45\" rows=\"8\" maxlength=\"100\"><\/textarea><\/label><input type=\"hidden\" id=\"ak_js_1\" name=\"_wpcf7_ak_js\" value=\"114\"\/><script>document.getElementById( \"ak_js_1\" ).setAttribute( \"value\", ( new Date() ).getTime() );<\/script><\/p><div class=\"wpcf7-response-output\" aria-hidden=\"true\"><\/div>\n<\/form>\n<\/div>\n\r\n\t<\/div>\r\n<\/div>\r\n<div id=\"article-paywall-hidden-content\">\r\n\t\n<p>Most industries already know this. The digital asset sector, however, could be about to find out. On Thursday (May 14), the crypto industry\u2019s long-standing regulatory gray areas all changed, at least procedurally. The Senate Banking Committee <a href=\"https:\/\/www.banking.senate.gov\/hearings\/05\/08\/2026\/executive-session\">advanced<\/a> the long-debated CLARITY Act in a 15\u20139 vote, marking the most significant congressional movement yet toward establishing a comprehensive federal framework for digital assets.<\/p>\n<p>Two Democrats, Sens. Ruben Gallego of Arizona and Angela Alsobrooks of Maryland, joined Republicans to move the bill forward, giving the crypto industry its clearest signal yet that a bipartisan path to a clear policy framework may still exist.<\/p>\n<p>The committee markup, however, revealed something deeper than a simple legislative victory. It exposed potential emerging fault lines that could define the next era of U.S. crypto policy: decentralization versus accountability, innovation versus financial surveillance, and increasingly, whether digital assets should be integrated into the traditional banking system or evolve alongside it.<\/p>\n<p><strong>See also:<\/strong> <a href=\"https:\/\/www.pymnts.com\/cryptocurrency\/2026\/clarity-act-watch-washingtons-72-hour-crunch-before-thursdays-crypto-markup\/\">CLARITY Act Watch: Washington\u2019s 72-Hour Crunch Before Thursday\u2019s Crypto Markup\u00a0<\/a><\/p>\n<h2>Amendment Battle Revealed Bill\u2019s Real Priorities<\/h2>\n<p>Thursday\u2019s hearing unfolded less like a technical markup than a referendum on the future of financial oversight in the digital asset era. Democrats repeatedly proposed amendments targeting anti-money laundering enforcement, sanctions authority, political ethics, and DeFi accountability. Most failed on party-line votes.<\/p><div id=\"pymnt-645970750\" class=\"pymnt-content pymnt-entity-placement\" style=\"margin-top: 50px;\"><p style=\"text-align:center\">Advertisement: Scroll to Continue<\/p><script async type=\"text\/javascript\" id=\"dianomi_context_script\" src=\"https:\/\/www.dianomi.com\/js\/contextfeed.js\"><\/script> \r\n<div class=\"dianomi_context\" data-dianomi-context-id=\"4329\"><\/div><\/div>\n<p>Sen. Elizabeth Warren, D-Mass., emerged as the committee\u2019s most persistent critic, arguing the legislation creates openings for sanctions evasion, illicit finance, and regulatory arbitrage. Her amendment to close what she called a \u201ctokenization loophole\u201d failed 11\u201313 after Republicans argued existing protections were sufficient. A second Warren amendment expanding Treasury sanctions authority over DeFi platforms tied to terror financing also failed after Sen. Cynthia Lummis, R-Wyo., countered that the bill already covered those risks.<\/p>\n<p>The exchanges exposed the legislation\u2019s central tension: Supporters see the bill as integrating crypto into the regulated financial system, while critics argue Congress is legitimizing decentralized infrastructure before establishing clear enforcement mechanisms. That divide surfaced repeatedly throughout the markup.<\/p>\n<p>Sen. Chris Van Hollen, D-Md., proposed explicitly banning DeFi protocols designed to facilitate money laundering or sanctions evasion. Republicans rejected the amendment, arguing existing law already prohibits such conduct. Another ethics-driven amendment targeting self-dealing by federal officials and family members also failed along partisan lines.<\/p>\n<p>Meanwhile, Sen. Catherine Cortez Masto, D-Nev., warned that portions of the bill could make it \u201cmore difficult for law enforcement to capture criminals,\u201d particularly because of liability protections for DeFi developers. Her amendment failed 11\u201313.<\/p>\n<p><strong>Read more:<\/strong> <a href=\"https:\/\/www.pymnts.com\/cryptocurrency\/2026\/cryptos-defining-week-arrives-as-senate-pushes-clarity-act-forward\/\">Crypto\u2019s Defining Week Arrives as Senate Pushes CLARITY Act Forward\u00a0<\/a><\/p>\n<h2>From Rebellion to Infrastructure<\/h2>\n<p>The\u00a0<a href=\"https:\/\/www.pymnts.com\/pymnts-intelligence\/\">PYMNTS Intelligence<\/a>\u00a0and\u00a0<a href=\"https:\/\/www.citi.com\/\">Citi<\/a>\u00a0report \u201c<a href=\"https:\/\/www.pymnts.com\/tracker_posts\/chain-reaction-regulatory-clarity-as-the-catalyst-for-blockchain-adoption\/\">Chain Reaction: Regulatory Clarity as the Catalyst for Blockchain Adoption<\/a>\u201d found that blockchain\u2019s next leap will be shaped by regulation. The CLARITY Act could be one of the biggest pieces of that leap.<\/p>\n<p>At its core, the CLARITY Act attempts to resolve one of the crypto industry\u2019s most consequential unresolved questions surrounding when, or whether, a digital asset is regulated as a security, and when, or whether, it falls under commodities law. The bill would establish clearer jurisdictional boundaries between the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC), while creating disclosure requirements and compliance obligations for digital asset firms. It also introduces standards around decentralized finance, tokenization, anti-money laundering, and stablecoins.<\/p>\n<p>Even as crypto firms celebrated the committee vote, traditional banks remain among the bill\u2019s most powerful opponents. The American Bankers Association and community banking groups have aggressively pushed back against provisions involving stablecoin rewards and tokenized financial products. Banks fear digital asset platforms could pull deposits away from federally insured institutions, eroding a foundational source of lending liquidity.<\/p>\n<p>The stablecoin debate nearly derailed the legislation earlier this year before lawmakers reached a compromise restricting interest-like payments while still allowing transaction-based rewards.<\/p>\n<p>\u201cThe banking industry continues to believe that the CLARITY Act should be strengthened further by tightening the prohibition on interest-like rewards for holding stablecoin while also allowing certain payment stablecoin transactions and activities to generate rewards. Without the necessary guardrails, stablecoin offerings are expected to draw away bank deposits and threaten local lending and economic activity across the country. In that spirit, we will continue to work with senators in good faith to address this issue and improve the bill and its chances on the Senate floor,\u201d a coalition of banking industry groups shared in a statement with PYMNTS following the Senate Banking Committee vote.<\/p>\n<p>Still, committee approval is only the start. Final Senate passage will likely require at least seven Democratic votes, while House negotiators are still expected to push for substantial revisions.<\/p>\n\r\n<\/div>\r\n<script>\r\n\twindow.pymntsAllowedArticleCount = 1;\r\n\twindow.pymntsPostID = 3735529;\r\n<\/script>","protected":false},"excerpt":{"rendered":"<p>Regulations can create winners and losers, as well as kick off unpredictable second-order effects. Get the Full Story Complete the form to unlock this article and enjoy unlimited free access to all PYMNTS content \u2014 no additional logins required. yesSubscribe to our daily newsletter, PYMNTS Today. By completing this form, you agree to receive marketing [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":3740012,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"content-type":"","inline_featured_image":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","pymnts_footnotes":""},"categories":[34410],"tags":[13436,164370,33150,60839,13328,9206,133069,41360],"class_list":["post-3735529","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrency","tag-anti-money-laundering","tag-clarity-act","tag-crypto-regulation","tag-defi","tag-featured-news","tag-news","tag-pymnts-news","tag-stablecoins"],"acf":{"suggested_titles":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.2 (Yoast SEO v27.3) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Crypto\u2019s Big Senate Win Leaves Banks With Bigger Worries<\/title>\n<meta name=\"description\" content=\"Crypto regulation took a major step, clearing a key Senate Banking Committee vote 15-9. 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