The legislative triumph of the crypto industry in the Senate this week may be a Rubicon-crossing moment for the shape of U.S. capitalism.

The Senate Banking Committee on Thursday secured a monumental milestone for crypto — a bipartisan markup of a bill that would give the nascent industry an enduring foothold in the regulated U.S. financial system. After months of mounting uncertainty, this legislation’s chances have never looked better, although significant challenges remain.

Proponents of the legislation believe the Digital Asset Market Clarity Act will protect American consumers from fraud and allow financial innovation to thrive. They could very well be…