U.S. Senate Advances Crypto Market Structure Bill as Regulators Push for Greater Clarity on Digital Assets

After months in committee, the U.S. Senate is preparing to take up the Digital Asset Market Clarity Act, or Clarity Act, legislation aimed at establishing greater regulatory oversight for cryptocurrencies.

The Senate Banking Committee announced a markup hearing scheduled for Thursday as lawmakers move toward a final debate on the measure, with a full Senate vote expected before the end of May, according to Republican Sen. Tom Tillis.

The bill seeks to define jurisdictional boundaries between the U.S. Securities and Exchange Commission and the Commodity Futures Trading Commission. It also builds upon 2025 legislation addressing stablecoins, digital currencies whose value is tied to fiat currencies such as the U.S. dollar.

Regarding the storage contracts, the agreements established a capacity payment of $16,000 per megawatt (MW) per month of verified capacity, without escalation clauses, a figure that — according to the Oversight Board — explicitly incorporates federal investment tax credits. If a project fails to meet eligibility requirements for those credits within a reasonable period after commencing commercial operations, the payment would increase to $20,600 per MW per month, also without escalators.

The Board conditioned its approvals on developers acting diligently and in good faith to secure and maintain eligibility for the tax credits, while also requiring quarterly reports to PREPA detailing those efforts. It further recommended that design and procurement decisions take into consideration issues related to “foreign entities of concern” to the extent necessary to avoid jeopardizing such eligibility.

The U.S. Senate is preparing to debate the Digital Asset Market Clarity Act, legislation designed to establish clearer regulatory oversight for cryptocurrencies after months of committee review.