U.S. Senator Cynthia Lummis said lawmakers have resolved roughly “99%” of the issues surrounding the proposed crypto-focused CLARITY Act, signaling that Congress may be close to reaching bipartisan agreement on one of the most significant digital asset bills in U.S. history.
Lummis made the comments as negotiations intensified ahead of a key Senate Banking Committee markup session on the Digital Asset Market CLARITY Act, legislation designed to establish clearer federal rules for cryptocurrencies and digital asset companies.
“Ultimately, we have an agreement on 99% of the bill,” Lummis said after overnight bipartisan talks reportedly stalled over a handful of unresolved provisions.
CLARITY Act Advances Despite Negotiation Breakdown
Although late-stage negotiations between Republican and Democratic senators reportedly ended without a final agreement, the Senate Banking Committee still advanced the CLARITY Act in a 15-9 vote on May 14, 2026.
Two Democratic senators — Ruben Gallego and Angela Alsobrooks — joined Republicans in supporting the measure, giving the crypto industry a rare example of bipartisan backing in Congress.
However, several lawmakers cautioned that committee approval does not guarantee final Senate passage. Democrats continue pushing for stronger ethics standards, anti-money laundering protections, and tighter oversight provisions before the bill reaches the Senate floor.
What the Crypto CLARITY Act Would Do
The CLARITY Act aims to establish a clearer regulatory framework for cryptocurrencies by defining which digital assets qualify as securities and which fall under commodities regulation.
Under the proposal, many cryptocurrencies and trading platforms would shift primarily under oversight from the U.S. Commodity Futures Trading Commission (CFTC), rather than the Securities and Exchange Commission (SEC).
The legislation is widely viewed as one of the most consequential crypto regulatory bills ever considered by Congress because it could significantly reshape how crypto companies operate in the United States.
Industry leaders have argued that clearer rules would encourage innovation, increase institutional investment, and prevent future collapses similar to the 2022 failure of FTX.
Remaining Disputes Focus on Ethics and Developer Liability
According to reports, the final unresolved issues involve ethics provisions and potential liability rules for blockchain developers.
Some Democratic lawmakers have also raised concerns about conflicts of interest involving politicians and crypto-related financial holdings, particularly after increased scrutiny of President Donald Trump’s connections to crypto projects and digital assets.
Additional debate has centered on whether stablecoin issuers should be allowed to offer customer rewards programs that resemble bank interest payments. Traditional banking groups have strongly opposed those provisions, warning they could draw deposits away from regulated banks.
Bitcoin and Crypto Stocks Rally After Senate Vote
Financial markets reacted positively to the committee vote. Bitcoin climbed back above $81,000 after the markup session, while shares of several crypto-related companies rallied sharply.
Coinbase shares reportedly gained around 5%, while several crypto infrastructure and mining firms posted double-digit gains following signs that Congress may finally establish long-awaited digital asset rules.
Analysts say regulatory clarity could accelerate mainstream adoption of cryptocurrencies and encourage major financial institutions to expand deeper into digital asset services.
Lummis Remains One of Congress’ Leading Crypto Advocates
Lummis has become one of the most prominent cryptocurrency supporters in Washington and is widely known for advocating pro-Bitcoin legislation.
The Wyoming senator previously co-sponsored bipartisan crypto legislation with Senator Kirsten Gillibrand and has repeatedly called for comprehensive digital asset regulation following the collapse of FTX and other crypto firms.
She has also promoted proposals for a U.S. strategic Bitcoin reserve and broader adoption of blockchain technology within the financial system.
Senate Floor Battle Still Ahead
Despite the committee breakthrough, the CLARITY Act still faces a difficult path through Congress. Senate leaders will likely need support from at least seven Democrats to overcome procedural hurdles and move the legislation toward final passage.
Lawmakers are also racing against time as the 2026 midterm election cycle approaches, which could complicate negotiations and reduce the legislative calendar available for major crypto reform.
Even so, Lummis’ statement that only “1%” of the bill remains unresolved has fueled optimism across the cryptocurrency industry that the United States may finally be approaching comprehensive federal crypto regulation after years of uncertainty.
Also Check: Polymarket’s Trading Volume Falls for First Time Since August as Kalshi Extends Lead
