Lummis's CLARITY Act Seeks Nationwide Crypto Framework
The CLARITY Act aims to extend Wyoming's pioneering crypto regulatory framework nationwide by defining clear rules for digital assets and establishing which regulator oversees them.
Signed into law by President Joe Biden in July 2025, the bill passed the House with a significant bipartisan majority but now faces procedural hurdles in the Senate before the midterm elections.
The legislation defines 'ancillary assets' and 'digital commodities,' determining whether the SEC or CFTC has oversight. 'Ancillary assets' would fall under SEC disclosure requirements, but with guardrails to prevent overburdening companies.
The bill includes crucial protections for crypto users in Chapter 7 bankruptcies, treating customer-held digital assets as property rather than part of the company's estate. It also shields non-custodial developers from liability and includes provisions tightening insider resale restrictions and adding transparency requirements.