Stani Kulechov, founder and CEO of Aave, stated that the Digital Asset Market Clarity Act could provide a regulatory framework for DeFi, similar to how the GENIUS Act impacted stablecoins. The 635-page draft was released on September 14, 2026, ahead of a scheduled Senate cloture vote on September 15.
The proposed legislation aims to establish federal rules for digital asset markets. Section 401 of the bill would permit banks to offer custody, staking, and lending services. Additionally, it includes a safe harbor provision from money transmitter regulations via the Blockchain Regulatory Certainty Act.
The Senate Banking Committee approved the bill with a 15-9 vote. Major financial institutions, including Fidelity and Goldman Sachs, have expressed support for the measure. The draft also incorporates adjustments regarding ethics rules and a Treasury mechanism for managing stablecoin deposit risks.
Aave leadership has engaged in over a year of lobbying in Washington to support the bill. The upcoming cloture vote requires 60 votes to conclude debate and proceed to a final decision. The legislation seeks to clarify jurisdictional boundaries between the SEC, CFTC, and state regulators.
