The cryptocurrency industry notched a key win after a Senate panel on Thursday approved the Clarity Act, the first wide-ranging piece of legislation pertaining to the new industry.
The Senate Banking Committee largely voted along party lines, 15-9, with Democratic Sens. Ruben Gallego, of Arizona, joining all Republicans on the panel to vote for the bill.
The measure has a long way to go before becoming law, given both powerful opposition and the fact that it would need to clear the full Senate as well as the House before heading to President Donald Trump's desk.
During the hearing, both Republicans and Democrats committed to continue working through areas of disagreement, including how best to ensure bad actors using digital assets can be caught and ethics language to address elected officials, like Trump, who have profited from crypto.
Sen. Mark Warner, D-Va., one of several Democrats who has worked with Republicans on the bill, said while he was in "crypto hell the last couple months" he hopes to continue working on the bill and "get to crypto heaven."
