As U.S. senators launched the long-awaited hearing called to advance the crypto market structure legislation, they granted that there was still a rift between Republicans and Democrats on the latest version of the Digital Asset Market Clarity Act.

The Thursday hearing of the Senate Banking Committee, known as a “markup” hearing to weigh dozens of amendments to revise and overhaul the bill’s language, represents a key moment in the process to move this policy effort past a longtime roadblock. Republican senators may be the only supporters at this moment, but the eventual aim is to finish with a bipartisan version that can pass the overall Senate with sufficient Democratic support.

Members of the committee began their session with a nod to…