Senate panel advances crypto market bill as ethics, illicit finance concerns threaten delay

The Senate Banking Committee is expected to approve the Digital Asset Market Clarity Act on May 14, 2026, advancing a landmark crypto market-structure bill that would define federal oversight of digital assets and expand rules for banks’ payment, lending, custody and trading activities. The bill is expected to clear the 24-member, Republican-led committee with GOP support, but it will need 60 votes in the full Senate, where Republicans hold 53 seats. Lawmakers are weighing 30 amendments tied to anti-money-laundering and sanctions controls and 12 ethics-related requests, amid concerns over illicit finance, Iran-linked crypto activity and potential conflicts involving elected officials. The measure must still be reconciled with a Senate Agriculture Committee draft before a full Senate vote and House consideration. TD Cowen analyst Jaret Seiberg put the odds of Senate floor passage at one in three. Polymarket traders assign a 62% chance the bill passes before year-end, up from 46% in late April.