The Americans are sending Washington a clear message: the United States should lead the future of digital finance, not fall behind while other countries write the rules. A new national HarrisX poll of registered voters found that 70% say the U.S. should have already passed crypto legislation, 62% say it is important for America to set the global rules for digital finance, and 60% favor clear federal law over case-by-case enforcement.
That makes the Senate Banking Committee’s decision to mark up the Clarity Act a critical next step toward providing the United States with a workable framework for digital asset markets.
For years, Washington treated digital assets as a moving target. Technology was developing rapidly, the market was unstable, and politicians were still sorting out risks and opportunities. That is no longer the case. Legislators, regulators and staff have now spent years studying these markets, engaging stakeholders and grappling with difficult issues around consumer protection, market integrity, custody, trading and disclosure.
The industry has also changed. A sector that once spoke with scattered, often conflicting voices has become more disciplined in its engagement with policy makers. This matters because sustainable legislation comes from sustained commitment, practical proposals and a willingness to work through compromise.
The House made that abundantly clear when it passed the CLARITY Act with strong bipartisan support. This vote did not resolve all outstanding issues, but it did establish something important: the structure of the digital asset market is squarely on the agenda of Congress. The Senate now has a chance to build on this foundation.
It does so with a stronger political foundation than it had even a year ago. The SEC and CFTC have taken steps to improve coordination and clarify how existing laws apply to parts of the market. These efforts are important, but they also underscore the limits of agency action. Only Congress can deliver durable rules about regulatory boundaries, registration requirements, market oversight and the treatment of digital assets that don’t fit neatly into legacy frameworks.
Meanwhile, the market has continued to move forward. After the signing of the GENIUS Act, stablecoins have grown rapidly and become more connected to the mainstream payment infrastructure. Tokenization is moving from concept to institutional experimentation. Major financial firms are testing blockchain-based systems for settlement and other market functions. Public blockchain networks are increasingly part of this activity.
Some of that development takes place on networks such as Solana. PayPal extended PYUSD to Solana to support faster, cheaper payment applications. Visa has included Solana in its stablecoin settlement work. And SoFi, which launched SoFiUSD in December, has said parts of its broader digital asset banking platform are expected to leverage Solana along with other networks. These examples show how markets for digital assets are becoming more connected to real financial activity.
It’s clear: digital assets are the next generation of financial infrastructure.
Congress should legislate with that reality in mind. A market structure bill has a difficult, important job to do. It must draw usable lines between regulators. It must establish clear rules for market participants while ensuring robust consumer protection. And it must take into account the fact that blockchain networks and digital asset markets do not map neatly onto categories built for previous generations of financial products.
This is exactly why markup matters. It requires legislators to engage with real legislative texts in public. The members debate the content, offer amendments, limit disagreements and test whether a proposal is ready to be moved. As far as legislation is concerned, this process is where serious policymaking takes place.
For digital asset legislation to last, it needs to be two-pronged. A framework written on a party-line basis will be fragile from the start. Rules that shape markets persist when both parties help write them. The good news is that more lawmakers on both sides of the aisle now understand the stake. They understand the need for consumer protection, the importance of market integrity and the cost of leaving a growing sector trapped in legal uncertainty.
The United States has deep capital markets, strong institutions, world-class entrepreneurs, and a long history of leadership in financial innovation. It should also bring these strengths to digital assets. Clear rules will protect consumers, strengthen markets, and give responsible builders the confidence to operate and invest in the United States.
Digital asset markets will continue to grow. Capital will move. Infrastructure will be built. The question is whether the US will shape that future with clear rules, credible oversight and confidence to lead.
The Senate can help answer that question now by moving this legislation forward and closer to the president’s desk. It is crucial that it does so.
