The US Senate Banking Committee is preparing to schedule a markup session for the Digital Asset Market Clarity Act, according to multiple industry sources. The bill aims to establish clearer federal regulations for digital assets. The draft legislative text has been shared with select industry members ahead of a possible committee vote. However, the bill's language is still being finalized, and additional revisions are expected to incorporate priorities from Democratic lawmakers. Some industry sources report positive overall vibes, though certain bracketed sections raise concerns that key provisions may still be in flux. Meanwhile, Senate Democrats at the negotiating table are considering withholding support unless the bill includes an ethics-related provision. The Clarity Act had already passed the House in July but faced months of Senate stalemate. A recent compromise on stablecoin yields by Senators Thom Tillis and Angela Alsobrooks did not fully satisfy five US banking lobbies, which argued the text still falls short. For wallet and key holders, the passage of the Clarity Act could bring regulatory clarity and consumer protections, potentially reducing risks associated with unclear legal frameworks. However, the ongoing political negotiations and potential changes to the bill mean that stakeholders should stay informed about the final provisions. The broad bipartisan voter support, with 52% of voters in favor and 72% of crypto holders considering cross-party voting, adds political pressure for lawmakers to deliver before the White House's July 4 deadline.

Key facts

• Senate Banking Committee prepares markup of Digital Asset Market Clarity Act.
• Draft text shared with industry; language still being finalized with revisions.
• Senate Democrats may withhold support unless ethics provision is included.
• Bill passed House in July; Senate compromise on stablecoin yields criticized by banking lobbies.
• 52% of voters support bill; 72% of crypto holders would consider cross-party voting.