The debate over how to regulate crypto in the US has entered its most consequential phase yet, and the people at the center of it can’t agree on whether the rulebook is even finished.

SIFMA CEO Kenneth Bentsen publicly defended the Senate Banking Committee’s version of the CLARITY Act on August 6, describing it as containing “a number of good things.” Senator Chris Van Hollen, meanwhile, has called the bill “not ready for prime time” and pushed eight separate amendments aimed at plugging what he sees as gaping holes in transparency and consumer protection.

What the CLARITY Act actually does

The Digital Asset Market Clarity Act of 2025, formally H.R. 3633, is Congress’s most ambitious attempt to draw clear lines around the crypto industry. The legislation covers issuance, trading, custody, and safe harbor provisions for various crypto activities, distinguishing which digital assets are securities (SEC territory) and which are commodities (CFTC territory). It passed the House with nearly 300 votes in July 2025.

The Senate Banking Committee took up an updated draft on May 14, 2026. The original draft expanded to approximately 309 pages, with subsequent versions approaching 600 pages.

The industry vs. the skeptics

Bentsen’s defense of the legislation is significant because SIFMA, the Securities Industry and Financial Markets Association, represents the traditional Wall Street establishment. Franklin Templeton and Coinbase CEO Brian Armstrong have both voiced support for the legislation, forming an unusual coalition of traditional asset managers and crypto-native companies rallying behind the same piece of law.

Van Hollen’s eight proposed amendments zero in on illicit finance controls and restrictions on elected officials’ involvement in digital asset platforms. His amendments have raised concerns about President Trump and alleged conflicts of interest tied to crypto.