Crypto industry scores win as Clarity Act regulation bill clears Senate hurdle.

The Clarity Act to create regulation for the cryptocurrency industry cleared the Senate Banking Committee.

The bill is the top legislative priority of the crypto industry as it would add predictable oversight and guardrails to the industry.

The measure is opposed by banks, unions and law enforcement agencies that say various provisions would hurt consumers and endanger financial systems.

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, and Angela Alsobrooks, of Maryland, 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.