U.S. Senators have recently accelerated efforts to bring the Digital Asset Market Clarity Act (CLARITY Act, officially the Digital Asset Market Clarity Act) to a full Senate vote, marking the most substantial breakthrough in U.S. cryptocurrency regulation legislation to date.

The bill was already passed by the Senate Banking Committee with a 15:9 bipartisan vote in May this year. Its core content clarifies jurisdiction between the SEC and CFTC—fully decentralized assets like Bitcoin and Ethereum are classified as "digital commodities" under CFTC regulation, tokens with financing attributes remain securities under the SEC, and stablecoins used for payments are regulated separately. The bill also includes a DeFi "safe harbor" clause, stipulating that non-custodial software developers who do not handle user funds do not need to obtain money transmission licenses, and prohibits passive interest payments on stablecoins but allows rewards based on usage behavior.

Current obstacles to progress include: Democrats demanding the addition of ethical clauses prohibiting senior officials from profiting from crypto businesses (directly targeting the Trump family), and law enforcement agencies opposing exemptions of non-custodial developers from liability. A full Senate vote requires 60 votes to end lengthy debate, with Republicans needing to secure support from at least 7 Democratic senators. The original goal of passing before July 4th now seems unlikely, with legislative efforts shifting to before the August recess or the end-of-year lame-duck session.

If ultimately enacted, the U.S. will bid farewell to the "enforcement equals regulation" era, establishing a market framework for digital assets through federal codified law for the first time, with far-reaching implications for global crypto compliance trends.