The most consequential piece of cryptocurrency legislation in American history cleared the Senate Banking Committee on May 14 with a bipartisan 15-9 vote. Two Democrats crossed the aisle to advance it. Several more signaled they might support the final version with changes.
The CLARITY Act, formally the Digital Asset Market Clarity Act, would establish the first comprehensive U.S. regulatory framework for digital assets, defining which tokens are commodities, which are securities, and which agency oversees what. The crypto industry has spent years and hundreds of millions of dollars lobbying for exactly this.
