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

The Clarity Act would set a regulatory framework for the crypto sector for the first time in the U.S. But whether it can clear a key procedural hurdle in the Senate remains uncertain. Karen Bleier/AFP via Getty Images hide caption

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.

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.