Time is running out for the crypto industry’s landmark bill — and with it, the industry’s best chance at a law that outlasts this administration.

The Digital Asset Market Clarity Act, or CLARITY, would create a federal rulebook for issuing, trading and holding digital assets, dividing oversight between the Securities and Exchange Commission and the Commodity Futures Trading Commission, setting standards for exchanges and other intermediaries, and defining how decentralized-finance developers and protocols would be treated. Backers call it a test of whether the next generation of trading, payments and capital formation gets built…