The Clarity Act in the United States hardly needs more drama. Over the last year, the still-yet-to-be-passed crypto bill has weathered starts, stops, eleventh hour mutinies, all-out inter-industry battles, and heaps of frustration from lawmakers.

But after narrowly surviving a key committee vote two weeks ago, the bill is finally making its way to the Senate floor for a do-or-die final vote. The stakes could not be higher—and not just because of what the Clarity Act’s passage would mean for the United States, but also for the rest of the world.

The legislation would, if passed, formally legalize most crypto activity in the United States. But due to America’s sway over the global financial system, the bill’s…