Senate Majority Leader John Thune is preparing to advance the most significant piece of cryptocurrency legislation in U.S. history to a full Senate vote. The Digital Asset Market Clarity Act aims to establish a definitive regulatory framework for digital assets.
The bill, which passed the House with a 294-134 vote in July 2025, cleared the Senate Banking Committee in May 2026. It seeks to clarify which digital assets fall under SEC or CFTC jurisdiction, a critical step for industry compliance.
This differs from the stablecoin-focused GENIUS Act, which became law in June 2025. The Clarity Act addresses the entire digital asset market structure.
A coalition of over 200 crypto firms and 160 former law enforcement officials have urged the Senate to prioritize the vote, arguing that clear rules would aid in combating financial crime.
Despite strong bipartisan support, competing legislative priorities and concerns about consumer protections could delay passage. Proponents warn that continued U.S. inaction risks pushing innovation to other jurisdictions, like the EU, which already operates under its MiCA framework.