Senate Republicans and the White House have officially released the latest update of the Digital Asset Market Clarity Act. The new version incorporates previous drafts from the Senate Banking and Agriculture committees, as well as negotiations between Republican lawmakers (Senators Cynthia Lummis and Bernie Moreno) and the White House.
Within minutes of its release, the bill sparked varied reactions from both politicians and crypto leaders. Here is what it says and the different responses it drew.
First, it addresses the ethics package the White House recently agreed to.
Secondly, the new language includes a sunset clause for the above ethics package stating that it expires after January 20, 2029, at noon.
Third, the bill places civil enforcement powers under the US Department of Justice (DoJ). This grants them the authority to sue exchanges that list banned tokens.
Finally, the bill disassociates non-custodial crypto developers from money transmitters.
Nonetheless, Democrats are yet to sign off on the new text, arguing that its enforcement mechanisms remain insufficient. They also warn that the temporary nature of the sunset clause undermines long-term ethical standards. In Senator Angela Alsobrooks’ words:
“This DOJ enforcing an ethics provision? That’s an unserious offer, and I wouldn’t support the bill if that’s the language.”
Senator Ruben Gallego concurred, saying it leaves too many loopholes for public officials’ crypto dealings.
Supporters such as Lummis urged the Senate to move hastily in passing the Act following the ethics compromise.
Cody Carbone, CEO of the Digital Chamber, celebrated the text as a “meaningful step” in America’s crypto regulation. Summer Mersigner, CEO of the Blockchain Association, was grateful to both sides of Congress for the progress made so far.
Despite this development, the odds of the legislative proposal becoming law in 2026 remain at a low of 33% on Polymarket.
Source: Polymarket
Congress will next meet regarding the Act on July 27, 2026.
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