The U.S. Senate Banking Committee has taken its clearest step yet on crypto market structure, advancing H.R. 3633, the Digital Asset Market Clarity Act, by a 15-9 vote on May 14. According to Chairman Tim Scott's office, the bill now moves to the Senate floor.

What advanced

The committee's section-by-section summary shows that the bill keeps the compromise language on stablecoin yield: digital asset service providers would be barred from paying interest or other deposit-like yield simply for holding a payment stablecoin, while bona fide transaction-based rewards would still be allowed.

The same summary says the bill would treat certain network tokens as commodities, require a memorandum of understanding between the SEC and CFTC, and create a joint micro-innovation sandbox for eligible firms. It also includes a "Regulation Crypto" exemption path with disclosure requirements and says banks and financial holding companies may use digital assets and blockchain rails for activities they are already allowed to perform.

Why it matters

This is still a committee step, not final law. But it is a more concrete milestone than the Clarity Act's earlier draft releases and negotiation updates, because lawmakers have now moved the package out of Senate Banking with bipartisan support.

The conservative takeaway is that Washington still has major work left on floor passage and any later reconciliation. Even so, the vote turns the Clarity Act from a recurring draft story into active Senate legislation again.