TL;DR
- The US crypto market structure bill is in a critical phase, according to Bitcoinist
- Coinbase CEO Brian Armstrong has publicly urged Congress to act quickly
- The CLARITY Act passed the House of Representatives in 2025 but still faces opposition in the Senate
- Democratic senators point to consumer protection, national security, and conflicts of interest as obstacles
Decisive Phase for US Crypto Regulation Bill
The US debate on how cryptocurrency should be regulated has reached a turning point. Lawmakers are returning to Capitol Hill to try and establish what could potentially become the most comprehensive digital asset legislation in US history – and Coinbase CEO Brian Armstrong has declared that the waiting period is over.
According to Bitcoinist, Armstrong has publicly advocated for rapid progress in Congress, asserting that the industry has long operated in a regulatory vacuum that hinders innovation and investor protection.
"The lack of a clear framework weakens the US's leading position in the crypto market," warned Treasury Secretary Scott Bessent to Congress.
CLARITY Act: What Does the Bill Contain?
Central to the discussion is the so-called Digital Asset Market Clarity Act – known as the CLARITY Act – which already passed the House of Representatives with 294 to 134 votes in 2025. The bill was introduced by House Financial Services Committee Chairman French Hill and builds upon the earlier FIT21 proposal.
The core of the bill aims to resolve the jurisdictional confusion between two major regulators: the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC).
The Senate Agriculture Committee voted in January 2026 to advance its own related proposal – the Digital Commodity Intermediaries Act – by a vote of 12 to 11, a sign that the Senate remains closely divided.
Opposition from Democratic Senators
Despite strong pressure from the industry and parts of the political establishment, opposition is real. Senator Elizabeth Warren (D-MA) has long been the foremost critic, particularly highlighting the risks of money laundering and consumer losses. Warren points out, among other things, that according to her office, American investors lost or had $17 billion stolen in crypto-related scams in 2025.
Senator Dick Durbin (D-IL) has introduced his own bill ensuring that taxpayers will not bail out struggling crypto companies, and Senator Jeff Merkley (D-OR) seeks to prohibit elected officials and public servants from profiting from crypto assets while in office – a proposal that has gained momentum in light of discussions surrounding the Trump family's crypto investments.
It is important to emphasize that these figures originate from critics of the crypto industry, and the industry itself disputes the portrayal of the extent.
Stablecoin Law Already in Place
In one area, the US has already succeeded: the GENIUS Act, which establishes the first comprehensive regulatory framework for payment stablecoins, was signed by President Trump in July 2025. The law, among other things, requires issuers to hold liquid reserves equivalent to 100 percent of outstanding stablecoins and prohibits direct interest payments to holders.
What Happens Next?
The question is whether the Senate can gather enough votes to send a final market structure bill to the President's desk. SEC Commissioner Paul Atkins has declared that the SEC is ready to act as soon as Congress passes the legislation. Treasury Secretary Bessent and numerous industry players are pushing for it.
However, with a market under pressure – Bitcoin trading around $71,500 and the fear-and-greed index at 16 out of 100 – and strong opposition prioritizing consumer protection and conflicts of interest, nothing is decided yet.
Everything indicates that the coming weeks in Congress will be decisive for the direction of US crypto regulation in the foreseeable future.
