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 survey 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% prefer clear federal legislation over case-by-case enforcement.
That makes the Senate Banking Committee’s decision to mark up the Clarity Act a critical next step toward giving the United States a workable framework for digital asset markets.
For years, Washington treated digital assets as a moving target. The technology evolved quickly, the market was volatile, and policymakers were still sorting out the risks and opportunities. That is no longer the case. Lawmakers, regulators and staff have now spent years studying these markets, engaging stakeholders and wrestling with difficult questions around consumer protection, market integrity, custody, trading and disclosure.
The industry has changed as well. A sector that once spoke in scattered, often conflicting voices has become more disciplined in its engagement with policymakers. That matters because durable legislation comes from sustained engagement, practical proposals and a willingness to work through tradeoffs.
The House made that much clear when it passed the CLARITY Act with strong bipartisan support. That vote did not resolve every outstanding question, but it established something important: digital asset market structure belongs squarely on Congress’s agenda. The Senate now has a chance to build on that foundation.
It is doing so with a stronger policy foundation than it had even a year ago. The SEC and the CFTC have taken steps to improve coordination and clarify how existing law applies to parts of the market. Those efforts are important, but they also underscore the limits of agency action. Only Congress can provide durable rules on regulatory boundaries, registration requirements, market oversight and the treatment of digital assets that do not fit neatly within older frameworks.
Meanwhile, the market has continued to move ahead. Following the signing of the GENIUS Act, stablecoins have grown rapidly and are becoming more connected to mainstream payments 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 that activity.
Some of that development is taking place on networks like Solana. PayPal expanded PYUSD to Solana to support faster, lower-cost payment use cases. 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 alongside other networks. These examples show how digital asset markets 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 to do difficult, important work. It has to draw workable lines between regulators. It has to establish clear rules for market participants while ensuring robust consumer protections. And it has to account for the fact that blockchain networks and digital asset markets do not map neatly onto categories built for earlier generations of financial products.
That is precisely why markup matters. It requires lawmakers to engage real legislative text in public. Members debate substance, offer amendments, narrow disagreements and test whether a proposal is ready to move. On legislation this consequential, that process is where serious policymaking happens.
For digital asset legislation to last, it must be bipartisan. A framework written on a party-line basis will be fragile from the start. Rules that shape markets endure when both parties help write them. The good news is that more lawmakers on both sides of the aisle now understand the stakes. 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 leading in financial innovation. It should bring those strengths 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.
Digital asset markets will continue to grow. Capital will move. Infrastructure will be built. The question is whether the United States will shape that future with clear rules, credible oversight and the confidence to lead.
The Senate can help answer that question now by moving this legislation forward and closer to the President’s desk. It’s critical that it does.
