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Time running out for Senate crypto deal

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by Julia Shapero and Miranda Nazzaro - 05/13/26 5:18 PM ET

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by Julia Shapero and Miranda Nazzaro - 05/13/26 5:18 PM ET

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The Big Story

Senate crypto talks go down to the wire before key test

Senators are racing to reach an agreement on a cryptocurrency regulation bill before it faces a key hurdle in the upper chamber.

The Senate Banking Committee is scheduled to vote Thursday on a bill meant to give federal regulators clear guidelines for overseeing crypto companies, a long-standing priority for the industry and its supporters in Washington.

President Trump and GOP lawmakers are eager to secure major policy wins ahead of the midterm elections, and a group of moderate Democrats may join them in an effort to pass long-sought rules for the crypto industry.

The legislation appears likely to advance out of the committee following a series of recent deals aimed at getting key Senate Republicans on board.

But a lack of Democratic support, driven in part by concerns about Trump’s personal involvement in the industry, could spell trouble for the measure on the Senate floor.

“We doubt these changes will be enough to secure Democratic votes for the bill in the Banking Committee, but talks will continue ahead of Thursday’s markup,” Brian Gardner, chief Washington policy strategist at the wealth management and investment banking firm Stifel, wrote in a note Tuesday.

“If the bill passes the committee on a party-line vote, then the bill’s prospects will be weak,” he added. “If one or two Democrats cross the aisle and support the bill, then it would have a fighting chance of passing this year.”

Senate Banking Committee Chair Tim Scott (R-S.C.) released an updated version of the bill, now officially named the Digital Asset Market Clarity Act, early Tuesday.

The 309-page draft featured several key changes, including a revamped version of a stablecoin provision that held up negotiations on the bill for months, tweaks to software developer protections that faced pushback from law enforcement groups and a new housing provision seemingly aimed at appeasing Sen. John Kennedy (R-La.).

But notably absent from the bill is language restricting the ways government officials can invest or partake in the crypto industry, a key priority for Senate Democrats.

Check out the full report at TheHill.com tomorrow morning.

Welcome to The Hill’s Technology newsletter, we’re Julia Shapero and Miranda Nazzaro — tracking the latest moves from Capitol Hill to Silicon Valley.

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