This bill could reshape crypto in America -- and it's sparking a major battle

It could be a game changer for the cryptocurrency industry. That is, if it can survive fierce opposition and actually become law.

On Tuesday, the Senate will hold a key procedural vote on the Clarity Act — officially called the Digital Asset Market Clarity Act — which has been at the top of the crypto sector's wish list for years.

The massive bill — which stretches over 600 pages — would establish the first regulations for the crypto sector in U.S. history.

But opponents see this as the industry's attempt to encode into law a set of rules that are far too lenient on the industry, without enough safeguards.

A version of the bill already passed the House last year, but it has faced a long and torturous road in the Senate as opponents have fought tooth and nail.

Here's 5 key things to know about the Clarity Act — and why opponents are fighting so hard to prevent it from ever being passed.

What's in it?

Just like with most things dealing with crypto, the details are complicated and a bit geeky. But it effectively establishes a clear legislative framework for the crypto sector for the first time in U.S. history.

That would mark a sea change from today, where crypto regulation can change depending on who controls the White House. Under President Biden, for example, the Securities and Exchange Commission took an aggressive approach against the crypto sector. But that changed radically under President Trump with the agency now led by Paul Atkins, a former adviser to the industry.