As bedroom lights switched off and heads hit pillows across the nation’s capital on Monday evening, many representatives of the country’s influential crypto industry remained awake at their desks, faces illuminated by the white light of computer screens. Shortly before the hour and minute hands met each other at midnight, what they were waiting for arrived: the draft text of a market structure bill that could shape the future of digital assets in America.
This wasn’t the first time that a draft of the bill—the Digital Asset Market Clarity Act—has circulated. The Senate Committee on Banking, which has been working on a version of the legislation in parallel with the Senate Committee on Agriculture, released an initial…
