At the recent Senate Banking markup of the Digital Asset Market Clarity Act (CLARITY), Senator Angela Alsobrooks (D-MD) shared a story that should resonate with every parent in America. She talked about her twenty-year-old daughter and her daughter’s generation—their intuitive interest in digital assets and their desire for a modern financial system that offers both opportunity and protection.
It underscored the growing urgency and focus around digital asset politics in Washington. “The digital revolution is upon us,” said Senator Alsobrooks. “It happens with us or without us. We have a responsibility to regulate it to create traffic rules.”
Her remarks reflected the growing realization that the United States can no longer afford to approach digital asset policy reactively. This legislation is not just about today’s America; it’s about tomorrow. We owe it to our children and the younger generation to get this policy right.
Chair Tim Scott framed the debate through the lens of opportunity, faith and the American Dream for working families. Senator Cynthia Lummis, one of Congress’s earliest bitcoin champions, emphasized the bipartisan work behind the legislation. Even senators who withheld support at the time, including Sen. Lisa Blunt Rochester, spoke thoughtfully about how engaged her constituents are with this technology and emphasized the importance of legislation that ensures their protection.
The question we now face is whether the United States will lead in shaping this future or will neglect this responsibility.
The 15-9 vote to advance Clarity to the Senate underscores three critical realities for the future of the American economy.
First, serious bipartisan decision-making regarding digital assets is not only possible, but already happening. Markup was a testament that credible politics and thoughtful engagement can still move Washington forward. Even senators who ultimately did not vote for the bill, including Sen. Mark Warner (D-VA), expressed their intent to continue working toward a constructive path forward.
The desire of leaders like Senators Scott, Lummis, Tillis, Alsobrooks, Gallego, Hagerty, Moreno and others to bridge the divide – including on the complex issue of stablecoin dividends – shows that a bipartisan path is the only viable way forward.
Second, digital assets and blockchain are here to stay. As articulated during the hearing by senators on both sides of the aisle, the debate over the viability of digital assets is over. The only question is whether the US will lead the way in shaping the future of digital finance or cede that leadership to others.
Nearly 68 million Americans, about one in five, already own digital assets. New Harris polls show that number has increased by 12 million in the past year alone, bringing US holders closer to one in four. They are teachers, construction workers, veterans, entrepreneurs and small business owners, with a third Gen Z and another third millennials. They use digital assets to send money to family members, make purchases and plan for their financial future. 83 percent of all U.S. property owners agree that stronger regulation is needed to protect consumers. Yet 88% of global crypto exchange activity occurs on foreign exchanges outside of US oversight. Americans deserve the protection, clarity and oversight that only a federal framework can provide.
Finally, Congress must finish the job. The time is now. It is imperative that the full Senate act immediately.
The GENIUS Act established the payments layer through stablecoin legislation, but without clarity to provide the market structure, trading platform monitoring and asset classification needed to support it, the US risks leaving the job unfinished. As Treasury Secretary Scott Bessent rightly noted, without a broader market structure, stablecoins are a “foundation without walls.” If we fail to act, we risk sending the next generation of American innovation and the talent, investment and technology that come with it to foreign jurisdictions.
This important work is also the responsibility of industry. A comprehensive market structure will not arrive because we asked for it; it comes because we match the seriousness shown by Congress. The time is now to continue to engage substantively and constructively with concerns raised by members of Congress. Doing so is not a hindrance to work; it’s the work.
The markup proved that momentum is with us. The determination in that room showed that Washington recognizes the great stakes for American competitiveness and the future of digital finance. We have the mandate, bipartisan support, and duty to ensure that the future of digital finance is unequivocally American.
America has long led the world because it has embraced innovation, markets and the rule of law. The window is open. The question is just whether we close it on our terms.
A vote for Clarity is a vote for regulation – the rules this generation needs and the rules the next generation will inherit. Congress now has the chance to shape this technology rather than chase it. Let’s get the job done in the Senate.
