Americans are sending a clear message to Washington: The United States should lead the future of digital finance, not fall behind as other countries set the rules. A new national survey of registered voters by HarrisX found that 70% said the U.S. should have passed cryptocurrency legislation, 62% said it was important for the U.S. to set global rules for digital finance, and 60% preferred clear federal legislation rather than case-by-case enforcement.
This makes the Senate Banking Committee’s decision to flag the Clarification Act a critical next step in providing the United States with a viable digital asset market framework.
For years, Washington has viewed digital assets as a moving target. Technology is developing rapidly, markets are volatile, and policymakers are still sorting out risks and opportunities. This is no longer the case. Lawmakers, regulators, and staff have now spent years studying these markets, engaging stakeholders, and grappling with difficult questions about consumer protection, market integrity, custody, transactions, and disclosures.
The industry has also changed. An industry that once spoke with fragmented and often conflicting voices has become more disciplined in its engagement with policymakers. This is important because lasting legislation comes from sustained engagement, practical advice and a willingness to work through trade-offs.
This was made clear when the House passed the CLARITY Act with strong bipartisan support. This vote doesn’t resolve all outstanding issues, but it establishes something important: Digital asset market structures are squarely on Congress’s agenda. The Senate now has an opportunity to build on this foundation.
Its policy foundation is stronger than it was a year ago. The U.S. Securities and Exchange Commission and the U.S. Commodity Futures Trading Commission have taken steps to increase coordination and clarify how existing laws apply to some markets. These efforts are important, but they also highlight the limits of agency action. Only Congress can provide lasting rules on regulatory boundaries, registration requirements, market oversight, and the treatment of digital assets that do not fully comply with the old framework.
Meanwhile, the market continues to move forward. After the signing of the GENIUS Act, stablecoins developed rapidly and became increasingly connected to 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 this development is happening on networks like Solana. PayPal extends PYUSD to Solana to support faster, lower-cost payment use cases. Visa has included Solana in its stablecoin settlement efforts. SoFi launched SoFiUSD in December and said parts of its broader digital asset banking platform are expected to leverage Solana as well as other networks. These examples show how digital asset markets are increasingly connected to real financial activity.
It’s clear: digital assets are the next generation of financial infrastructure.
Congress should take this reality into consideration when enacting legislation. The Market Structure Bill has a difficult and important job to do. It must draw workable boundaries between regulators. It must set clear rules for market participants while ensuring strong consumer protection. It must take into account the fact that blockchain networks and digital asset markets do not fully map onto categories built for previous generations of financial products.
This is why marking is so important. It requires legislators to engage publicly with the actual legislative text. Members debate substance, propose amendments, narrow differences and test whether proposals are ready for implementation. In the case of legislation, this consequence is the process by which serious decision-making occurs.
For digital asset legislation to be sustainable, it must be bipartisan. A framework written along party lines was fragile from the start. The rules that shape markets are durable when both parties create them together. The good news is that more lawmakers on both sides of the aisle now understand what’s at stake. They understand the need for consumer protection, the importance of market integrity and the cost of plunging a growing industry into legal uncertainty.
The United States has deep capital markets, strong institutions, world-class entrepreneurs, and a long history of leading in financial innovation. It should bring these advantages to digital assets as well. Clear rules will protect consumers, strengthen markets, and give responsible builders the confidence to operate and invest in the United States.
The digital asset market will continue to grow. Capital will flow. Infrastructure will be built. The question is whether the United States will shape the future with clear rules, credible oversight and leadership confidence.
The Senate can help answer that question now by advancing this legislation and getting it closer to the president’s desk. What matters is that it does.
