The U.S. Senate took its most concrete step yet toward passing a crypto market structure law, even as partisan divisions remain firmly in place.

On Thursday, the U.S. Senate Agriculture Committee voted 12–11 along party lines to advance its version of the Digital Asset Market Clarity Act. It’s the furthest any crypto legislation has ever made it in the Senate, marking a symbolic win for an industry that has spent years lobbying Washington.

This story is an excerpt from the Unchained Daily newsletter.

But the vote also highlighted what’s still unresolved. Every Democrat on the committee opposed the bill, citing concerns over ethics, regulatory balance, and decentralized finance. 

Several lawmakers argued they could not support legislation while Donald Trump and his family continue to profit from crypto ventures. Others pushed for guarantees that the Commodity Futures Trading Commission would have bipartisan leadership before taking on expanded oversight.

Republicans, led by Senator John Boozman, said advancing the bill was necessary to give U.S. crypto markets clear rules and keep innovation onshore. Democrats countered that key issues were being rushed or deferred.

The bill still needs approval from the Senate Banking Committee, then must be merged with a separate version before facing a full Senate vote, a stage that will require bipartisan support.