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FollowingLoomis warns against regulatory inaction
Senator Loomis is stepping up efforts to warn Washington of failing to advance the federal digital asset framework. The Wyoming Republican wrote on Platform X that the lack of clear rules has cost the United States its seat in global standard-setting. She wrote: \"In every month when digital asset rules are missing, other countries are making rules for us. It\'s no longer a risk, it\'s a fact that\'s happening.\"
The senator\'s focus is on the Digital Asset Markets Clarity Act, officially known as the CLARITY Act (H.R. 3633）。The bill establishes a regulatory framework for digital goods, defining them as digital assets whose value depends on blockchain. The core is to clearly delineate the boundaries between digital commodities and securities, placing one type of assets under the jurisdiction of the Commodity Futures Trading Commission, and the other type under the jurisdiction of the Securities and Exchange Commission.
The bill passed the House with a bipartisan vote of 294 to 134 and was passed by the Senate Banking Committee with a vote of 15 to 9 in May 2026. However, the full Senate vote has not yet been scheduled, and before members enter the August recess, the legislative window is extremely limited, leaving about four weeks left for full Senate review in mid-to-late July.
Argument for Global Competition
Loomis believes that this delay is not only a policy mistake, but also a strategic mistake. The European Union\'s Cryptographic Asset Markets Framework has been put into operation, and Singapore has been rolling out a regulatory red carpet for digital asset companies for many years. If the United States lacks a coherent regulatory framework, international regulatory standards may be developed without the participation of the United States. Treasury Secretary Scott Bessant expressed similar views, viewing the bill as a national security issue and arguing that the United States should set global rules for digital assets rather than follow other countries \'standards.
There are still obstacles on the way forward. For the bill to become law, it must be harmonized with the Senate Agriculture Committee version, receive 60 votes in a full Senate vote, be unified with the version passed by the House, and finally signed by the President. Whether the full Senate vote can take place depends on three unresolved differences: stablecoin gains, decentralized financial regulation, and ethics provisions for officials to profit from cryptocurrencies. Analysts warn that if the bill is not passed by August, its chances of becoming law this year will drop sharply, potentially postponing important cryptocurrency market regulation legislation until 2027 or even later.
For Loomis, the price of waiting has been the loss of influence. Her position is straightforward: The longer Congress delays, the more regulatory vacuum other countries will fill.
