U.S. "Digital Asset Market Regulation Act" negotiations restart, with Tom Tillis leading the development of stablecoin and DeFi regulatory framework

March 6 News: Legislation negotiations around the U.S. cryptocurrency regulatory framework have heated up again. The highly anticipated Digital Asset Market Clarity Act (CMA) has re-entered the negotiation stage after months of stagnation, with U.S. Senator Tom Tillis playing a key role in pushing the bill forward. Regulators, crypto industry companies, and traditional financial institutions have resumed discussions in hopes of establishing a clearer regulatory framework for the U.S. digital asset market.

The bill initially made significant progress in July 2025. At that time, the House of Representatives passed the bill with 294 votes in favor and 134 against, laying the groundwork for subsequent legislation. The core goal of the CMA is to clarify the jurisdiction over digital assets, specifically distinguishing which tokens are securities and which are commodities. According to the draft, securities will be regulated by the U.S. Securities and Exchange Commission (SEC), while commodity-type digital assets will fall under the Commodity Futures Trading Commission (CFTC). The bill also addresses compliance for crypto trading platforms, stablecoin regulations, and principles for decentralized finance (DeFi) oversight.

However, progress stalled in early 2026. Discussions within the Senate Banking Committee reached an impasse, mainly over the yield mechanisms of stablecoins. Senators Tom Tillis and Angela Alsobrooks proposed restrictions on stablecoin reward programs, with some lawmakers arguing that such yield mechanisms could increase consumer risks and pose potential impacts on the financial system. Several crypto companies warned that excessive restrictions might hinder industry innovation.

Meanwhile, U.S. banking industry representatives expressed concerns. Some financial institutions believe that if stablecoins offer interest yields, they could attract depositors away from traditional banks, affecting deposit structures. These disagreements slowed legislative progress and led some industry groups to withdraw support for the bill temporarily. The Senate committee’s scheduled vote was also postponed.

Recently, under White House coordination, all parties have returned to the negotiation table. Industry insiders revealed that a new draft of the bill has been submitted to Senator Tom Tillis’s office, and his team is engaged in intensive discussions with policymakers and industry representatives. Several involved sources said the atmosphere is now more pragmatic, with efforts to find a balance in stablecoin regulation, DeFi rules, and market compliance.

The U.S. Senate Banking Committee may hold a vote on the bill in late March. Despite ongoing disagreements on certain provisions, many observers believe there is still room for progress. Once passed, the bill will establish the first comprehensive legal framework for cryptocurrency regulation in the U.S., potentially impacting the development of the digital asset market, institutional participation, and the long-term strategic positioning of blockchain companies in the United States.