Key Highlights
- Cynthia Lummis warns that the current Congress may be the last opportunity until 2030 to approve the Digital Asset Market Clarity Act.
- The initiative is gaining momentum with support from individuals such as Scott Bessent, Brian Armstrong, and Donald Trump.
Senator Cynthia Lummis warned that the current congressional session may represent the last realistic opportunity to pass the Digital Asset Market Clarity Act (CLARITY Act) before 2030, urging colleagues not to “surrender America’s financial future.”
In an X post on Friday, she referred to ongoing efforts by the Trump administration to advance the stalled legislation aimed at creating a federal framework for digital assets.
The Digital Asset Market Clarity Act, which had been approved by the House of Representatives back in July 2025 with solid bipartisan backing (294-134), seeks to define the SEC’s and CFTC’s regulatory jurisdiction over the digital assets market.
It also aims to create a framework for the registration of trading platforms and intermediaries, protect against money laundering, ensure DeFi safe harbors, and regulate stablecoins to ensure that innovation is not moved abroad.
Urgency around the act
On April 9, Treasury Secretary Scott Bessent reiterated the need for action by urging the Senate Banking Committee to move forward with a markup and send the bill to President Donald Trump’s desk. “Congress has been working on passing a framework that would onshore the future of finance for the better part of half a decade now,” Bessent said. “Senate time is valuable, and it’s time to move forward.”
In response, Coinbase CEO Brian Armstrong concurred, stating, “We agree. Thanks @SecScottBessent for saying it. It’s time to pass the Clarity Act. Appreciative of the bipartisan efforts made by senators and their teams over the last few months to ensure this bill becomes a great one.”
Senator Lummis echoed the sentiment, asserting that the U.S. currently has everything in place to enact the legislation. “With the administration behind us, momentum and bipartisan work among the senators and their staff for the last few months to produce a bill that can become the best thing for the DeFi community,” she said.
Ongoing negotiations
The discussions have centered around finding solutions for the disparities regarding the interest payments on stablecoins and ensuring a balance between traditional banks and crypto companies.
Though some previous versions were rejected by the industries, current compromises have led to the bill being close to the process of Senate markup, which may happen at the end of April. SEC Chairman Paul Atkins has also expressed support, stating that both bodies are ready for the immediate execution of the law when it is enacted.
Moreover, Bessent warned that without regulatory clarity, the U.S. risks losing its position in digital finance as companies and talent move to other jurisdictions.
What’s next
As midterm elections approach toward the end of 2026, the legislative schedule will be tight. Backers such as Lummis, Bessent, and industry insiders like Armstrong consider the CLARITY Act a crucial component in making the country’s financial system future-proof and leveraging the crypto-friendly approach of the government.
If the Senate Banking Committee manages to produce a markup before the year-end, it will mean that the United States will capitalize on its opportunity and take action on crypto market structure reform now. Otherwise, Lummis and company fear that they may be conceding the upper hand to foreign countries.
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