The U.S. Senate Banking Committee approved the Clarity Act on May 14, 2026, sending the cryptocurrency legislation to the Senate floor on a 15–9 vote. All Republican members supported the measure, along with two Democrats, Senator Ruben Gallegos of Arizona and Senator Angela Alsobrooks of Maryland.

Senator Catherine Cortez Masto voted against the bill in the markup after introducing amendments addressing illicit finance tracing and prosecution that were not approved by the Republican-controlled committee. During the markup, she voted in favor of amendments sponsored by Republican committee members, along with Gallegos, Alsobrooks, Senator Mark Warner of Virginia, and Senator Raphael Warnock of Georgia. "The Clarity Act undermines law enforcement's ability to trace illicit finance and recover victims' money, while at the same time creating a more challenging environment to prosecute criminals for knowingly transmitting illicit funds," Masto said in a statement.

She also signaled openness to a negotiated path forward. "It's clear we need to pass market structure legislation, and I've worked for months with colleagues on both sides of the aisle to negotiate a bill that provides clear rules of the road for a growing industry," she said. Masto added, "I'm committed to finding solutions that allow us to take on bad actors – the criminals not the everyday coders – while giving the millions of U.S. crypto users the certainty they need."

Senator Elizabeth Warren, the ranking Democrat on the Senate Banking Committee, is leading the Senate's opposition to the legislation. "The Clarity Act would blow a hole in our securities laws that have protected investors since 1929. Most Americans don't want their pensions at risk so that a few crypto billionaires can juice their own profits," she said.

Warren also drew a comparison to the 2008 financial crisis. "The Clarity Act puts our financial system at risk by repeating the mistakes of 2008—letting the banks load up on risky debts, letting them scrape off the profits, and then when it all comes crashing down, come back to the American taxpayer for a bailout," she said. She added, "Since taking office last year, President Trump and his family have amassed a staggering $1.4 billion in gains from crypto deals alone."

The cryptocurrency industry raised more in campaign contributions than any other industry during the 2024 United States election cycle. Every Democratic member of Nevada's congressional delegation has voted in favor of at least one provision of the Clarity Act or related cryptocurrency legislation.