A bipartisan bridge to the future: Why the Senate must finish the job on digital Assets
The Clarity Act’s recent markup proved that the momentum for regulation is there. It is imperative that Congress move the bill forward to establish rules this generation needs and a framework the next will inherit, urges Kim.
Her remarks reflected the growing recognition that the U.S. can no longer afford to approach digital asset policy reactively. This legislation is not just about the America of today; it is about tomorrow. We owe it to our children and the younger generation to get this policy right.
Chairman Tim Scott framed the debate through the lens of opportunity, faith and the American dream for working families. Senator Cynthia Lummis, one of Congress’s earliest bitcoin champions, emphasized the bipartisan work behind the legislation. Even senators who withheld support at this time, including Senator Lisa Blunt Rochester, spoke thoughtfully about how engaged her constituents are with this technology and emphasized the importance of legislation that ensures their protection.
The question now facing us is whether the U.S. will lead in shaping that future or will neglect that responsibility.
The 15-9 vote to advance Clarity to the Senate floor underscores three critical realities for the future of the American economy.
First, serious bipartisan policymaking regarding digital assets is not only possible but is already happening. The markup was a testament to the fact that credible policy and thoughtful engagement can still move Washington forward. Even senators who ultimately did not vote in favor of the bill, including Senator Mark Warner (D-VA), expressed their intention to continue working toward a constructive path forward.
The desire of leaders like Senators Scott, Lummis, Tillis, Alsobrooks, Gallego, Hagerty, Moreno and others to bridge the gap – including on the complex issue of stablecoin yield – shows that a bipartisan path is the only durable way forward.
Second, digital assets and the blockchain are here to stay. As articulated throughout the hearing by Senators on both sides of the aisle, the debate over the viability of digital assets is over. The only question is whether the U.S. will lead in shaping the future of digital finance or cede that leadership to others.
Nearly 68 million Americans, about one in five, already own digital assets. New Harris polling shows the number has increased by 12 million in the past year alone, putting American holders closer to one in four. They are teachers, construction workers, veterans, entrepreneurs and small business owners, with a third Gen Z and another third millennials. They use digital assets to send money to family members, make purchases and plan for their financial futures. Eighty-three percent of all American holders agree that stronger regulation is needed to protect consumers. Yet 88% of global crypto exchange activity occurs on foreign exchanges beyond U.S. supervision. Americans deserve the protections, clarity and oversight that only a federal framework can provide.
