Altcoin Daily
Senator Cynthia Lummis took to the Senate floor on Wednesday to push for a vote on the Clarity Act, the bipartisan market-structure bill she has been drafting with Senator Kirsten Gillibrand since 2022. The 616-page bill cleared the Senate Banking Committee on a 15 to 9 bipartisan vote in May, and the latest round of negotiation produced a new ethics proposal brokered by Senators Tom Tillis and Ruben Gallego that was sent to the White House this morning. How the White House responds will likely determine whether the Senate moves to a floor vote next week.
Why it matters
The Clarity Act is the leading vehicle for dividing digital asset oversight between the SEC and the CFTC, setting stablecoin rules, and cracking down on mixers, tumblers, and crypto ATMs. After 11 months of negotiation, the bill has already absorbed most of what Democrats asked for, and the latest ethics package reportedly adds a role for state attorneys general, which has been a Democratic priority. A real floor vote would be the closest US crypto market-structure legislation has come to passing since the FIT21 bill cleared the House in 2024.
Market impact
The bill's progress is landing alongside familiar macro and institutional tailwinds. US M2 money supply hit a new all-time high of $23.155 trillion, up more than 279% since 2004 against a 171% rise in GDP, a gap that bulls frame as the structural case for hard-cap assets like Bitcoin. Spain's largest bank, Banco Santander, separately disclosed a $4.3 million position in spot Bitcoin ETFs, joining a growing roster of TradFi balance sheets adding BTC exposure. The combination of legislative momentum, expanding M2, and bank-level spot ETF allocation is the bullish trifecta the market is currently trading on.
Frequently asked questions
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What is the Clarity Act and what would it do?
The Clarity Act is a 616-page bipartisan market-structure bill that divides digital asset oversight between the SEC and the CFTC, sets stablecoin rules, and includes consumer-protection provisions on mixers, tumblers, and crypto ATMs.
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Who are Tillis and Gallego and what did they send to the White House?
Senators Tom Tillis (R) and Ruben Gallego (D) brokered the latest ethics proposal on the Clarity Act and sent it to the White House this morning. Reports say it includes a role for state attorneys general, a Democratic priority.
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When could the Senate vote on the Clarity Act?
Reporting suggests a floor vote could come as soon as next week if the White House signs off on the latest draft. The bill already cleared the Senate Banking Committee 15 to 9 in May.
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Why is Senator Lummis pushing so hard for the bill?
Lummis has been working on digital asset legislation since her 2020 Senate win, when Wyoming's legislature was already years ahead of Washington. Her stated goal is to keep US digital asset companies onshore and regulated on American terms.
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How does the macro backdrop support the bullish crypto case right now?
US M2 money supply hit a new all-time high of $23.155T, up more than 279% since 2004 against a 171% rise in GDP. Spain's largest bank, Banco Santander, also disclosed a $4.3M position in spot Bitcoin ETFs, adding to the TradFi adoption signal.
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