The Senate Banking Committee is set to begin markup on the Clarity Act on Thursday, putting a major crypto bill back at the center of Washington’s fight over how digital assets should be regulated. The Digital Asset Market Clarity Act, which passed the House of Representatives last year, would create a U.S. regulatory framework for the crypto industry.

The bill now arrives at a moment when the politics around it have sharpened. Democrats are pushing for ethics guardrails tied to the Trump family’s crypto involvement, while Republicans want to show they can write rules that keep innovation in the United States. Sen. Elizabeth Warren has filed 44 of more than 130 proposed amendments reviewed by Fortune, a sign of how much work still sits between the starting line and any final vote.

Steve Yelderman said he expects the bill to make it through. “I think it’s going to pass, based on all the great progress that has been made on both sides of Congress, and the support this bill is getting from the White House,” he said. He added, “That said, it’s Washington, and anything could happen.”

The core dispute in the Senate Banking Committee has been how and when rewards can be paid on stablecoin balances. The bill nearly reached markup earlier this year before Coinbase pulled its support over a proposed ban on stablecoin rewards. Since then, Sens. Thom Tillis and Angela Alsobrooks have reached a deal on stablecoin yield, but bank lobbying groups are calling the compromise too friendly to stablecoin companies. Members of the American Bankers Association have reportedly sent more than 8,000 letters to Senate offices criticizing it.

That leaves the committee with two pressure points at once: the policy fight over yield and the political fight over ethics. Republicans and Democrats have met multiple times this week to discuss adding ethics into Clarity, and one Senate aide said there are growing concerns among Democrats that if ethics is not included in the version marked up by the Banking Committee, it will not be included at all.

Chairman Tim Scott is expected to frame the debate around protecting Main Street, defending national security and keeping crypto innovation in the U.S. Democrats are expected to focus on ethical concerns tied to President Trump’s crypto entanglements, an issue they argue goes beyond market design and into public trust. Sen. John Kennedy has told Semafor that he plans to support the bill, adding another vote that suggests the coalition behind it is still holding.

The timing matters because the markup comes before summer recess and the midterm elections, when legislative windows narrow and political incentives harden. Banks fear stablecoins could denude deposits, while critics say crypto’s expansion raises both ethical and national security concerns. Even so, the prediction market on Polymarket gives the bill a 60% chance of passing this year, a reflection of how much momentum the measure still has despite the friction around it.

The question now is not whether the Clarity Act has support in principle. It does. The question is whether senators can lock in a compromise on stablecoin yield and decide, before the markup ends, whether ethics language becomes part of the bill’s future or another fight left for later.