Downing Backs CLARITY Act as Regulatory Debate Continues
Rep. Troy Downing, former securities commissioner under Gary Gensler's SEC, is backing the CLARITY Act to define digital assets and establish a regulatory framework.
The bill aims to classify digital commodities and delineate oversight between the SEC and Commodity Futures Trading Commission, and is currently pending in the Senate with a motion to proceed filed earlier in August.
Downing's support for the CLARITY Act suggests continued momentum behind its passage, with the market pricing its signing into law at 14% in 2026, up from 12% just 24 hours prior.
The statement highlights ongoing debate over how digital assets should be regulated in the United States, and key developments to watch include upcoming Senate actions on the bill, including potential votes and statements from influential figures like Chuck Schumer and Tim Scott.