Chris Land, staff director for the Senate Banking Subcommittee on Digital Assets, is leading the development of the Digital Asset Market Clarity Act. The legislation aims to define the regulatory jurisdictions of the SEC and the CFTC regarding digital assets.
The Senate Banking Committee approved the bill on May 15, 2026, with a 15-9 bipartisan vote. The final version, published on September 14, 2026, includes 126 substantive changes requested by Democratic senators to address consumer protection and enforcement.
The bill introduces provisions to mitigate risks associated with stablecoins for community banks, updates DeFi registration requirements, and clarifies the enforcement roles of state attorneys general.
The legislation has received support from major financial institutions, including BlackRock, Fidelity, and Goldman Sachs. These firms are active in the digital asset space, managing spot Bitcoin ETFs or expanding their dedicated desks.
Despite committee approval, the bill requires a full Senate floor vote and passage of companion legislation in the House of Representatives. The process will also involve a conference to reconcile potential differences between the chambers.
