<div id="readability-page-1" class="page"><div>In a whirlwind of events during the Senate Banking Committee's vote to advance landmark crypto legislation on Thursday, the cryptocurrency industry is celebrating, ethics talks are continuing to progress, and some are criticizing the push as the bill now barrels toward a full Senate vote in the coming weeks.During a Senate Banking Committee markup earlier in the day, lawmakers voted 15-9 to advance its version of a crypto market structure bill. The vote had been expected to be partisan, but two key negotiators, Democratic Sens. Ruben Gallego and Angela Alsobrooks, voted in favor of the bill — with the caveat that a few issues be resolved around law enforcement and financial crimes and ethics when it comes to federal officials' crypto use.Ethics in particular has become a big make-or-break issue for Democrats on whether they will support the bill amid concerns of President Donald Trump and his family's crypto ventures.During the markup, Gallego said that if the ethics piece was not resolved — language that would prevent the president, vice president, and other federal officials and their families from making certain financial transactions involving digital assets — he will vote no in the future when the bill goes to the Senate floor.In a statement after the markup, Alsobrooks said lawmakers have a responsibility to regulate digital assets, but said her vote is a vote to &#34;keep working in good faith.&#34;&#34;It does not mean I will be voting for the passage of the CLARITY Act on the floor,&#34; Alsobrooks said. &#34;We still have work to do.&#34;On a call with reporters after the markup, The Digital Chamber President Cody Carbone said discussions around ethics had been ongoing over the past 24 hours.&#34;I know that there were some really positive, good-faith conversations with Gallego and the White House Crypto Council leading up to this morning that they all felt really good about the progress,&#34; Carbone said.Gallego and Alsobrooks did not immediately respond to a request for comment about those last-minute ethics negotiations.Bipartisan who?Carbone said he was surprised by the bipartisan vote. Ahead of the markup, there had been lots of negotiations around ethics, but also around the Blockchain Regulatory Certainty Act [BRCA], which would clarify that non-custodial developers are not money transmitters.&#34;Glad to see that we got to the two Dems to vote yes,&#34; Carbone said, adding that work continues to reconcile the Senate Banking Committee's version with the Senate Agriculture Committee's bill. Both have to be combined before heading to a full Senate floor vote.&#34;So the job's not done, but really good progress, good momentum,&#34; Carbone said. &#34;It was top scenario to have this be bipartisan come out of today, especially where things were last night and this morning.&#34;The DeFi Education Fund, which has been advocating for the BRCA, said the legislation isn't perfect, noting Section 301, which seeks to write Bank Secrecy Act-type rules for DeFi.&#34;But, this bill is an important step in the right direction for cementing software protections into law,&#34; the organization said in a post on X.A source familiar with the discussions said a last-minute significant concession was made by the Senate Banking Committee to get votes from Democrats, which would remove the noncustodial developer protections from Section 301.'Defining moment… turning point… historic'Crypto Council for Innovation CEO Ji Kim called the vote a &#34;decisive turning point.&#34;&#34;What struck me was the conviction on both sides, those who voted to advance and even those who voted against,&#34; Kim said in a post on X, citing in part Sen. Alsobrooks' comments about a &#34;digital revolution.&#34;Blockchain Association CEO Summer Mersinger said the vote was a &#34;defining moment.&#34;&#34;Durable, lasting digital asset policy must be built on a bipartisan foundation, and today’s vote reflects the growing recognition across party lines that the United States needs clear rules of the road,&#34; Mersinger said in a statement.Coinbase CEO Brian Armstrong called the markup vote a &#34;historic day for crypto,&#34; in a post following the hearing. The crypto exchange has been a major player in negotiations. When a markup was first scheduled in January, it was pulled at the eleventh hour after Coinbase pulled its support, in part because of concerns around stablecoin reward language.Banks and the crypto industry have been at odds for months over the treatment of stablecoin rewards, with banks warning of deposit flight, and so have pushed for those rewards not to resemble bank deposits. Some in the crypto industry have said banks are trying to hinder innovation.&#34;Big improvement from where we were in January on rewards, tokenization, DeFi, and CFTC authority,&#34; Armstrong said. &#34;I'm proud we stood up for our customers in that moment, and the bill is better because of it.&#34;Big trade groups were not as thrilled.In a statement following the markup, the American Bankers Association, Bank Policy Institute, and other groups said the bill is an &#34;important step in establishing a regulatory framework around digital assets,&#34; but it needed to be bolstered by enacting tighter bans on rewards for holding stablecoins.&#34;Without the necessary guardrails, stablecoin offerings are expected to draw away bank deposits and threaten local lending and economic activity across the country,&#34; the bank groups said. &#34;In that spirit, we will continue to work with senators in good faith to address this issue and improve the bill and its chances on the Senate floor.&#34;Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.© 2026 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.</div></div>

GLXY

BTDR

ETHE

The cryptocurrency industry is celebrating the Senate Banking Committee's 15-9 vote to advance the CLARITY Act, despite ongoing ethics discussions. Key Democratic senators voted in favor but emphasized the need to address ethics concerns regarding federal officials' crypto transactions. The bill's progress is seen as a significant bipartisan achievement, with industry leaders calling it a historic moment for crypto regulation. However, some trade groups expressed dissatisfaction with certain provisions. The full Senate vote is expected in the coming weeks as negotiations continue.

- The Senate Banking Committee voted 15-9 to advance a crypto market structure bill, indicating bipartisan support despite ongoing ethics discussions.  
- Key Democratic senators conditioned their votes on addressing ethics issues regarding federal officials' crypto transactions, with critical comments about the need for further amendments.  
- Industry leaders view the vote as a significant progress towards a regulatory framework, while banking groups express concerns about potential impacts on deposits and economic activity.

The Block

Galaxy Digital

Bitdeer Tech

Grayscale Ethereum Staking ETF

Bakkt

Bitfarms Canada

CleanSpark

Bit Digital

Riot Platforms

Hut 8 Mining

Coinbase

Grayscale Bitcoin Trust BTC - ETF

American Bitcoin

Mara

ProShares Bitcoin Strategy ETF

Direxion Daily Crypto Industry Bull2XETF

GraniteShares 2x Long MARA Daily ETF

IShares Ethereum Trust ETF

Bitwise Bitcoin ETF

Valkyrie Bitcoin and Ether Strategy ETF

Grayscale Ethereum Mini Staking ETF

21Shares Ethereum ETF

Defiance Daily Target 2X Long RIOT ETF

Proshares Ether Strategy ETF

Fidelity Ethereum Fund

Amplify Transform Data Sharing ETF

GraniteShares 2x Long COIN Daily ETF

Fidelity Wise Origin Bitcoin Fund - ETF

ARK 21Shares Bitcoin ETF

VanEck Bitcoin ETF

T-REX 2X Long MSTR Daily Target ETF

WisdomTree Bitcoin Fund

iShares Bitcoin Trust ETF

Invesco Galaxy Bitcoin ETF

VanEck Ethereum ETF

CoinShares Bitcoin ETF

Franklin Ethereum ETF

GraniteShares 2x Long MSTR Daily ETF

Invesco Galaxy Ethereum ETF

Franklin Bitcoin ETF

Bitwise Ethereum ETF

‘Decisive turning point’: Crypto industry cheers Clarity Act’s progress as ethics questions linger ahead of next vote