Business EconomyPosted at: May 15 2026 11:48PM


US Senate Panel Clears Landmark Cryptocurrency Bill

Indian Crypto Industry Sees Major Global Regulatory Shift
Mumbai, May 15 (UNI) The United States Senate Banking Committee on Thursday cleared the Digital Asset Market Clarity Act, advancing what is being described as the most comprehensive cryptocurrency legislation in American history and triggering reactions across global digital asset markets.
The bill, if enacted into law, will formally define which digital assets fall under the jurisdiction of the Securities and Exchange Commission (SEC) and which come under the Commodity Futures Trading Commission (CFTC), ending years of uncertainty over regulatory authority in the sector, a financial analyst said.
The proposed legislation also addresses regulation of stablecoins, protections for decentralised finance and bankruptcy safeguards for crypto customers. Following the committee’s approval, both Bitcoin and Ethereum registered gains in the market. The bill must still pass a full Senate floor vote before being sent to the President for final approval.
Indian cryptocurrency industry leaders said the development carries significance beyond the United States market.
Ashish Singhal, co-founder of CoinSwitch, said the bill addresses a major structural issue that has affected the global crypto ecosystem.
“The CLARITY Act is a significant moment for the global crypto industry because it finally attempts to address one of the ecosystem's biggest unresolved challenges — regulatory clarity around digital assets. Despite over 40 per cent of Americans already having exposure to crypto, the industry has largely operated without a clearly defined legislative framework for nearly a decade,” Singhal said.
He added that the market views the legislation as a strong indication that cryptocurrency regulation in the United States is entering a more mature phase and that such frameworks could eventually become important global reference points for integrating digital assets into the broader financial system.
Nischal Shetty, founder of WazirX, said the absence of regulatory clarity in the US had directly affected market growth.
“For years, exchanges operating in the US did not know which regulator they answered to. Both the SEC and the CFTC claimed authority over the same assets, with no clear boundary between them. Platforms caught between them could not build products with confidence. Institutions stayed out,” Shetty said.
He said the development also offers lessons for India, where millions of virtual digital asset holders continue to operate without a comprehensive regulatory framework.
Shetty added that the US move could serve as a reference model for Indian policymakers alongside frameworks such as the European Union’s Markets in Crypto-Assets (MiCA) regulation implemented in 2024.
Vikaas M Sachdeva, Chief Executive Officer of BitDelta India, said the bill reflects the growing maturity of the digital asset sector.
“Every financial category reaches a stage where growth alone is no longer enough and the conversation begins shifting towards accountability and long-term legitimacy. Frameworks like these help move the market from interpretation to greater operational clarity,” Sachdeva said.
He noted that India already has strong participation, a rapidly evolving compliance structure and one of the world’s most digitally active investor bases.
The White House has indicated that it wants the legislation signed into law by July 4.
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