The U.S. Senate Banking Committee has passed the crypto market structure bill known as the Clarity Act, prompting a welcome from the digital asset industry. Some see a long road ahead before final enactment.

The Block reported on Thursday that TD Cowen analyst Jaret Seiberg (자렛 사이버그) said in a research note, "After this review, we slightly raised the probability of the bill passing from one-third to 40 percent." He said, "It has become clear that there are Democratic lawmakers looking for a way to support the bill. Practical obstacles remain, but the hearing showed a willingness to overcome them."

The Senate Banking Committee passed the crypto market structure bill on May 14 by a 15-9 vote. Democrats Ruben Gallego and Angela Alsobrooks voted in favour.

The Clarity Act is legislation to regulate the cryptocurrency industry at the federal level. Debate among the White House, Congress, crypto advocates and banking lobby groups over several months delayed progress on the bill. Stablecoin rewards and conflicts of interest were key issues.

Benchmark analyst Mark Palmer said that despite recent progress, the bill needs more Democratic support to become law. "The bill passed by the Banking Committee must be combined with the parallel market structure bill passed by the Senate Agriculture Committee in January and brought to the floor as a single comprehensive package," he said. "To secure the 60 votes needed to overcome a filibuster, far more Democratic support will be required than the two lawmakers who voted yes yesterday."

Whether the bill can pass before the 2026 midterm elections is also a variable. Earlier this week, ahead of the Senate Banking Committee vote, GSR Chief Legal and Strategy Officer Joshua Riezman assessed that the chance of the Clarity Act reaching the president's signature in this session was less than 50 percent. That contrasts with a comment by Coinbase Chief Legal Officer Paul Grewal that the bill would pass this summer.