Senate Faces Deadline to Pass Crypto Clarity Bill Before Summer Recess
The US Senate is racing against time to pass the Digital Asset Market Clarity Act before summer recess. With just five days left, lawmakers must advance the bill, which aims to clarify jurisdictional lines between the SEC and CFTC on crypto oversight.
The House passed the CLARITY Act (H.R. 3633) in July 2025 with a bipartisan vote of 294-134. The Senate Banking Committee then advanced the bill with a 15-9 vote in May 2026. An updated merged text was released on July 22, 2026, consisting of 616 pages.
The proposed framework would classify certain digital assets as commodities under CFTC jurisdiction, while others would fall under the SEC's securities umbrella. Bitcoin and Ethereum, the two largest crypto assets by market cap, are likely to land in the CFTC camp under the proposed rules.