Earlier this week, the Senate Banking Committee appeared poised to advance the Digital Asset Market CLARITY Act, a sweeping effort to establish a comprehensive federal framework for digital assets. The legislation passed the House during last summer’s “Crypto Week.” See our post here. The momentum evaporated after leading industry participants publicly withdrew support for the bill’s revised text. Within hours, on January 14, committee leadership delayed the markup, with no new date announced. The Senate’s sudden…
On August 18, 2025, Illinois Governor JB Pritzker signed two bills that created, in his words, first-of-their-kind safeguards in the Midwest for cryptocurrency and other digital assets. The legislation was in part a response to an FBI report that Illinois consumers lost $272 million in fraud cases involving cryptocurrency in 2024, representing the most common type of financial fraud. And, not surprisingly for a person who reportedly sees himself as a future Democratic presidential candidate,…
House bills with bipartisan support would direct regulators to examine new ways to oversee digital assets and protect them from manipulation, as some lawmakers strive to make financial technologies more mainstream. One bill, the “U.S. Virtual Currency Market and Regulatory Competitiveness Act of 2019” (H.R. 923), would direct the Commodity Futures Trading Commission (“CFTC”), consulting with the Securities and Exchange Commission and other agencies, to report to committees including Senate Banking and House Financial Services…