On May 14, 2026, the Senate Banking Committee advanced the Digital Asset Market Clarity Act. This bill is styled as substitute text and sets forth a broad market structure framework addressing illicit finance, DeFi, limitations on stablecoin yield, tokenization standards, developer protections, and customer-property and bankruptcy protections. The substitute bill takes on much of the amendment issued by the Senate Banking Committee in January 2026, which we previously analyzed, and now moves to be reconciled with the Senate Agriculture Committee’s “Digital Commodity Intermediaries Act,” as previously summarized, for consideration by the full Senate. The resulting outcome will then have to be reconciled with the…