Washington is about to hand a single agency responsibility for a trillion-dollar market. Whether that turns out to be a triumph or a debacle depends on whether the Commodity Futures Trading Commission is ready. For years, regulatory uncertainty has hindered the development of the U.S. digital asset industry. Innovation has moved offshore, companies have faced unclear compliance obligations, and consumers have been left without proper protections. 

Congress now has an opportunity to change that. The CLARITY Act sits on the Senate Legislative Calendar, eligible for floor consideration after clearing the Senate banking committee in a bipartisan 15-9 vote in May. That is a substantial path to enactment this year, and the Senate should not let it close.