CoinDesk
The Senate Banking Committee is preparing to mark up the Clarity Act, the digital asset market-structure bill that would draw firmer jurisdictional lines between the SEC and CFTC and set a federal framework for trading, custody, and disclosure. The push lands alongside a new national HarrisX survey of registered voters showing 70% believe the U.S. should have already passed crypto legislation, 62% want America to set the global rules for digital finance, and 60% prefer clear federal rules over case-by-case enforcement. House passage of the CLARITY Act on a bipartisan vote already placed market structure squarely on the congressional agenda; the Senate markup is the next procedural gate before any floor consideration.
Why it matters
The Clarity Act is the structural companion to the GENIUS Act, which set the federal perimeter around payment stablecoins and has been followed by rapid growth in that market. Where GENIUS answered what a dollar-backed token is, Clarity is meant to answer who regulates the trading platforms, brokers, and tokenized assets that surround them — and which assets fall outside existing securities and commodities frameworks. The author of the CoinDesk column argues that only Congress, not the SEC or CFTC through guidance, can write durable rules on registration, oversight, and the treatment of digital assets that do not map onto categories built for earlier generations of financial products. The poll numbers give Senate leadership a voter-mandate cover to move a bill that, in a polarized chamber, will need bipartisan buy-in to survive.
Market impact
The clearest near-term beneficiaries are the institutions that have already built real rails on public chains. PayPal expanded PYUSD to Solana for faster, lower-cost payments; Visa has included Solana in its stablecoin settlement work; and SoFi, which launched SoFiUSD in December, has said parts of its digital asset banking platform will leverage Solana alongside other networks.
Frequently asked questions
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What is the Clarity Act?
The Clarity Act is the digital asset market-structure bill set for Senate Banking Committee markup, designed to draw firmer jurisdictional lines between the SEC and CFTC and set federal rules for trading, custody, and disclosure of digital assets.
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How is the Clarity Act different from the GENIUS Act?
GENIUS Act set the federal perimeter around payment stablecoins; the Clarity Act is the structural companion that addresses who regulates trading platforms, brokers, and tokenized assets — and where digital assets that don't fit existing securities or commodities frameworks actually sit.
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What did the HarrisX poll find about US voters and crypto legislation?
A new national HarrisX survey of registered voters found 70% say the U.S. should have already passed crypto legislation, 62% say it is important for America to set global rules for digital finance, and 60% prefer clear federal legislation over case-by-case enforcement.
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Why is the Solana network mentioned in the digital asset legislation debate?
PayPal expanded PYUSD to Solana for faster, lower-cost payments, Visa has included Solana in its stablecoin settlement work, and SoFi has said parts of its digital asset banking platform will leverage Solana alongside other networks — examples of public blockchain networks already integrated with mainstream financial…
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What happens next for the Clarity Act in the Senate?
The Senate Banking Committee markup is the next procedural gate. Lawmakers will debate the text, offer amendments, and narrow disagreements before the bill can move to a floor vote, with bipartisan framing seen as essential to its durability.
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