New Delhi, May 15 -- The Republican-led Senate Banking Committee on Thursday advanced long-awaited legislation that would create regulations for cryptocurrencies - marking a major step for the bill - Clarity Act - that had been delayed due to disagreements between crypto firms and banks

All Republicans on the committee voted in favor of advancing the bill, and were joined by Democrats including Arizona Sen. Ruben Gallego and Maryland Sen. Angela Alsobrooks, in a huge win for the crypto sector and a potential lifeline for the bill's chances of passage this year.

"This legislation does not take sides between traditional finance and new technology," said Senate Banking Committee Chair Tim Scott. "It brings digital assets out of the shadows...