A major digital asset bill in the United States is moving closer to becoming law. Senator Cynthia Lummis is urging lawmakers to hold a full Senate vote on the Digital Asset Market CLARITY Act, a bill that could create clear rules for the industry.

The bill recently passed the Senate Banking Committee with a bipartisan 15-9 vote. This was an important step forward. Supporters are now focused on getting the bill scheduled for debate and a vote in the full Senate.

Lummis has been one of the bill's strongest supporters. She believes Congress should act quickly before momentum is lost.

“The CLARITY Act passed committee. The floor is next. We did not come this far to quit at the 5-yard line,” Lummis said in a June 8 post.

The CLARITY Act aims to create a clear federal regulatory system for digital assets like Bitcoin and stablecoins.

One of the bill's main goals is to clearly divide responsibilities between the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC). For years, there has been confusion about which agency should regulate different parts of the digital asset market.

Under the proposed rules, the CFTC would oversee digital commodities such as bitcoin. The SEC would continue regulating digital assets that qualify as securities. Supporters say this would make it easier for companies and investors to understand the rules.

Many digital asset companies have complained about unclear regulations for years. They argue that uncertainty has led to lawsuits, enforcement actions, and high legal costs. They believe the bill would create a more predictable business environment.

The legislation has already made significant progress. The House of Representatives approved its version of the bill in July 2025 with strong bipartisan support. More recently, the Senate Banking Committee advanced the measure with support from both Republicans and Democratic senators.

However, the bill still faces several challenges before it can become law. It must pass the full Senate, where supporters may need at least 60 votes. After that, lawmakers must resolve any differences between the House and Senate versions before sending the final bill to the president.

One of the biggest disagreements involves stablecoin rewards. Banks want stricter limits on rewards offered by digital asset companies because they believe these products are similar to interest-paying bank accounts.

These firms disagree. They argue that rewards tied to platform activity and blockchain participation are different from traditional bank interest and should be treated differently.

A compromise proposal helped the bill pass through committee. The proposal would limit passive stablecoin yields while allowing rewards connected to active user participation. However, this issue is expected to be debated again when the bill reaches the Senate floor.

Another major debate involves decentralized finance, commonly known as DeFi. Industry groups want protections for software developers who create open-source blockchain tools but do not control how users interact with them.

Supporters say developers should not be held responsible for the actions of people who use their software. Critics worry that broad protections could make it easier for criminals to avoid regulations related to money laundering and other illegal activities.

Because of these concerns, lawmakers are still trying to find the right balance between encouraging innovation and protecting consumers and the financial system.