SIFMA's Bentsen calls the CLARITY Act 'a number of good things'; Van Hollen's eight amendments target illicit finance and conflicts. The bill's odds have slipped to 27%.
The securities industry's top lobbyist and a Democratic senator are staking out opposite positions on crypto's biggest regulatory overhaul, and the gap between them is wide enough to stall the bill.
SIFMA CEO Kenneth Bentsen publicly defended the Senate Banking Committee's version of the CLARITY Act on August 6, calling it a package with "a number of good things." Senator Chris Van Hollen has called the same legislation "not ready for prime time" and proposed eight amendments aimed at tightening illicit finance controls and restricting elected officials' involvement in digital asset platforms.
The Digital Asset Market Clarity Act of 2025, formally H.R. 3633, is Congress's most ambitious attempt to draw jurisdictional lines between the SEC and the CFTC over crypto assets. It passed the House with nearly 300 votes in July 2025. The Senate Banking Committee took up an updated draft on May 14, 2026. The original draft ran roughly 309 pages; subsequent versions have grown to around 600 pages.
Bentsen's defense carries weight because SIFMA represents the traditional Wall Street establishment. Franklin Templeton and Coinbase CEO Brian Armstrong have both voiced support for the legislation, forming an unusual coalition of legacy asset managers and crypto-native companies behind the same piece of law.
Van Hollen's eight amendments zero in on transparency gaps and perceived conflicts of interest, including provisions tied to President Trump's involvement in crypto ventures. The senator's pushback signals that the bill may face a tougher path in the full Senate than it did in the House, where it cleared with bipartisan support.
The committee has not scheduled a markup vote. The legislation's odds of passing this session have already slipped, with one prediction market putting the chance at 27% after a previous delay.
A SIFMA spokesperson said the group continues to work with lawmakers on both sides to address remaining concerns. Van Hollen's office did not immediately respond to a request for comment on whether he would support the bill if his amendments are adopted.
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