US Senate moves the clarity act forward as Marshall drops swipe fee amendment

After weeks of political tension, lawmakers in Washington are pushing ahead with the clarity act as expectations rise across the digital asset industry.

Marshall withdraws contested credit card amendment

The Clarity Act, designed to regulate and further legitimize digital assets, moved a step closer to passage after Senator Roger Marshall withdrew a controversial amendment tied to credit card swipe fees, according to Politico. The provision would have forced major card networks to face tougher competition on transaction fees.

Last week, Marshall filed the amendment on credit card fees, but over the weekend he reportedly agreed to abandon the measure, Politico said, citing anonymous sources. Moreover, other Republicans in the Senate were prepared to oppose the swipe fee change, which could have stalled the broader crypto bill.

Bipartisan bill aims to cement digital assets in US finance

Marshall’s retreat follows weeks of uncertainty around the legislation. The Clarity Act has drawn bipartisan backing and is seen as a formal endorsement of blockchain-based assets by Congress and President Donald Trump‘s administration. It seeks to integrate blockchain financial integration into the existing financial system by providing clearer rules for tokens and related technologies.

The legislation was initially expected to pass easily. However, it ran into turbulence earlier this month when Coinbase CEO Brian Armstrong, one of the crypto sector’s most visible leaders, abruptly withdrew his support. He objected to the bill’s ban on customers earning yield on stablecoins, a core feature for many exchanges and fintech platforms.

That said, this coinbase bill opposition triggered public disputes between Armstrong and several other crypto executives who continue to back the measure. The clash highlighted divisions within an industry that has often tried to present a united front in Washington.

Crypto markets under pressure despite policy wins

The infighting over the bill comes during a difficult stretch for the crypto market. Over the past few months, major cryptocurrencies have suffered sharp declines. Bitcoin (BTC) is down roughly 31% since its all-time high in October, while Ethereum (ETH) and Solana (SOL) have fallen about 40% and 50%, respectively, from their peaks last year.

This downturn has unfolded despite the Trump administration’s more supportive posture toward the sector. In July, Trump signed the Genius Act, which established a regulatory framework for stablecoins. Moreover, in the months that followed, cryptocurrencies surged to record levels before starting a steep slide in October, from which they still have not recovered.

Senate Agriculture Committee prepares key vote

Against this backdrop, the next procedural step for the Clarity Act is crucial. The Senate Agriculture Committee is expected to vote on the bill on Thursday morning, according to the current schedule. This committee has jurisdiction over certain commodities and derivatives issues that intersect with crypto regulation.

However, questions remain about how quickly the broader Senate will act if the committee approves the measure. Some lawmakers may still push for adjustments, especially on stablecoin yield rules and consumer protections. Even so, the upcoming vote offers a rare glimmer of optimism for an industry that has endured a tough season.

If the committee advances the bill, supporters hope it will signal that Washington is ready to provide long-awaited regulatory clarity, potentially laying the groundwork for a more mature and stable market structure for digital assets.