For years, crypto investors and financial institutions in the U.S. have had to work with an incomplete set of regulations. That’s kept a lot of institutional capital sidelined, and, at least if you believe some crypto investors, it has also given the Securities and Exchange Commission (SEC) leeway to pursue piecemeal enforcement actions as a substitute for actual policy.

The Digital Asset Market Clarity Act, commonly known as the Clarity Act, which cleared the Senate Banking Committee on May 14, is Congress’s most serious attempt thus far to end that ambiguity. If it becomes law, Ethereum (ETH 0.86%), Solana (SOL 1.26%), and XRP (XRP 1.95%) would operate under a new statutory framework rather than a patchwork of enforcement…