On Thursday, the Senate Agriculture Committee advanced legislation that would provide far-reaching regulation for the crypto industry, though the vote only passed with Republican support. The markup process represented a key hurdle for the legislation, known as the Clarity Act, which still needs to pass out of the Senate Banking Committee before it can be considered by the full chamber.
In Thursday’s hearing, Democratic senators on the committee lamented that their Republican counterparts had brought the bill to a vote without bipartisan support, with several members raising the need for a conflict of interest provision that would prevent politicians from profiting off of crypto holdings—a growing topic of concern due to President Trump’s expanding blockchain empire. In a statement shared with Fortune, the watchdog group Public Citizen referred to the Clarity Act as the “gryfto” bill, referencing Trump’s personal gains from the industry.
The bill, which would represent the most comprehensive financial reform in decades, faces uncertain odds in the broader Senate, as well as a difficult reconciliation process with the House of Representatives if it continues to move forward. Even so, its success in the Senate Agriculture Committee reflects the newfound sway the blockchain industry holds in Washington, D.C., where it is sitting on a campaign donation war chest of nearly $200 million to spend in the 2026 midterm elections.
