Crypto's Sisyphean struggle
The Senate failed to advance the 635-page Digital Asset Market Clarity Act, and the approaching midterms make revival this year unlikely. The bill would have defined crypto asset categories, licensed market participants and divided oversight between the SEC and CFTC. Its defeat leaves the US crypto sector without a clear legal framework, despite broad backing from parts of Wall Street and the crypto industry and substantial progress on market-structure provisions. The author says ethics concerns over potential conflicts of interest ultimately stalled the bill, but argues those issues could have been addressed separately. Retirements of key senators, including Cynthia Lummis and Thom Tillis, may make restarting negotiations harder in the next Congress. The piece urges lawmakers to resume the effort, noting that other major economies have established crypto regulatory frameworks.
