The Digital Asset Market Clarity Act is a proposed US law to define whether digital tokens are securities or commodities and to assign clear regulatory roles to the SEC and CFTC. Passing this market structure bill aims to spur innovation, protect consumers, and provide legal certainty for crypto firms.
Clarifies regulatory jurisdiction between SEC and CFTC for tokens.
Builds bipartisan support to advance crypto market structure legislation this session.
Includes proposals on stablecoins, tokenized equities, and a budget-neutral Strategic Bitcoin Reserve.
Digital Asset Market Clarity Act update: latest bipartisan momentum on the market structure bill — read the key developments and what to expect next.
Coinbase CEO Brian Armstrong said he has never been more bullish about the Digital Asset Market Clarity Act being passed after his time in Washington, DC this week.
What is the Digital Asset Market Clarity Act?
The Digital Asset Market Clarity Act is proposed legislation to clarify how US regulators classify digital assets and which agencies oversee them. It assigns clear roles to the Securities and Exchange Commission and the Commodity Futures Trading Commission, aiming to reduce legal uncertainty for exchanges, token issuers and investors.
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How did DC meetings affect the bill’s progress?
After meetings on Capitol Hill, Coinbase CEO Brian Armstrong said he has “never been more bullish” on the market structure bill. Armstrong reported strong bipartisan support, noting the draft is being revised between staff and will be shared with industry participants for public input.
Who supports the bill and what are their priorities?
Industry leaders from Coinbase, Ripple, Kraken, Circle, Cardano and several venture firms have engaged with lawmakers. Senator Cynthia Lummis and other senators have signaled urgency, and many industry participants emphasize protecting builders and ensuring clear rules for non-stablecoin tokens such as tokenized stocks.
How should the bill prioritize builders?
Kraken CEO Arjun Sethi urged lawmakers to prioritize protocol builders and developers. He argued the law should protect the “right to build” — including protocols, chains, tokenized equities and utilities — and preserve incentives for innovators rather than incumbents.
What did Brian Armstrong say about stablecoins and banking concerns?
Armstrong warned that lawmakers are unlikely to accept banking industry proposals to ban interest-bearing stablecoins. He pointed to earlier attempts in unrelated drafts (referred to in industry discussions as the GENIUS Act effort) where banking groups sought limitations on yield-bearing stablecoins but did not succeed.
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Separately, lawmakers met with 18 Bitcoin leaders, including Michael Saylor, to discuss the Strategic Bitcoin Reserve plan. The Cynthia Lummis-sponsored BITCOIN Act proposes the US government acquire up to one million Bitcoin over five years through budget-neutral measures such as reevaluating certain Treasury certificates and reallocating tariff revenue.
I was in DC the last few days working to get MARKET STRUCTURE legislation passed for crypto. This is how we ensure the crypto industry can be built here in America, driving innovation and protecting consumers, and making sure we never have another Gary Gensler trying to take your rights. pic.twitter.com/UqCH8jCNU8
— Brian Armstrong (tweet text, September 18, 2025)
Senator Cynthia Lummis predicted earlier this month that the CLARITY Act could reach the president before year-end. Lawmakers and industry sources on Capitol Hill describe active negotiation of draft language ahead of a formal markup and committee vote.
The bill aims to provide clearer tests for classification, assigning oversight based on asset function and issuer behavior, with the SEC and CFTC given distinct roles to reduce regulatory overlap.
Provisions under discussion would protect certain stablecoin uses while limiting systemic risks; lawmakers appear resistant to broad bans on interest-bearing stablecoins but seek consumer safeguards and transparency requirements.
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