PANews reported on May 14 that the U.S. Senate Banking Committee held a hearing on the Digital Asset Market Clarity Act (Clarity Act), and several senators stated that the cryptocurrency market structure bill has not yet received sufficient bipartisan support.

Republican Senator Cynthia Lummis stated that only about 1% of the bill remains unresolved, and negotiations are ongoing. Senate Banking Committee Chairman Tim Scott expressed hope that the final version would garner Democratic support and pass the Senate vote.

Democratic Senator Elizabeth Warren stated at the hearing that the bill was "not ready" and criticized it for potentially weakening securities law regulation, consumer protection, and anti-money laundering measures. Republicans, on the other hand, argued that the Clarity Act would establish a federal regulatory framework for digital assets for the first time and fill current regulatory gaps.

The Clarity Act aims to clarify the regulatory boundaries between the SEC and CFTC regarding digital assets and to establish a regulatory framework for stablecoins, DeFi, and digital asset trading platforms. If the bill passes the committee, it will still need to be merged with the Senate Agriculture Committee version and then submitted to the President for signature after final votes in both the House and Senate.