Where the CLARITY Act stands (and what it would change)
Through the House, through Senate committee, and stuck short of a floor vote. A status check.
The short version
The Digital Asset Market Clarity Act (H.R. 3633) passed the US House on July 17, 2025 by a vote of 294–134. The Senate Banking Committee approved it on May 14, 2026 — but as of late July 2026 there is still no floor vote, no cloture motion, and no date on the calendar. It needs 60 votes to overcome a filibuster, and it remains roughly 7–9 Democratic votes short.
What's blocking it
Three disputes are holding it up: language in Section 604 and its effect on criminal investigations, provisions on stablecoin yield, and conflict-of-interest rules around digital-asset issuance by government officials. The Senate breaks for its August recess around the 10th, which effectively closes the practical window for 2026 — though, importantly, nothing becomes illegal if the bill simply doesn't pass.
What it would do
The bill splits federal oversight. The CFTC would gain exclusive jurisdiction over spot markets in "digital commodities," while the SEC keeps authority over primary-market (capital-raising) transactions and retains anti-fraud reach. Exchanges, brokers, and dealers handling digital commodities would register with the CFTC and meet traditional-finance-style standards on custody, customer-asset segregation, qualified custodians, and disclosure.
The "mature blockchain" test
A token generally starts life under the SEC and can move to digital-commodity (CFTC) status once its network is certified a "mature blockchain system" — sufficiently decentralized and actually operating, not just a roadmap. An issuer or decentralized governance system can self-certify, creating a rebuttable presumption the SEC has 60 days to contest, with appeals heard in federal court.
Why we're watching
If it passes, the perennial question — "is my token a security or a commodity?" — finally gets a testable answer, reshaping disclosure, custody, and reporting for every US crypto business. It hasn't crossed the finish line yet; we'll update this piece as it moves.
Sources
- H.R.3633 — Digital Asset Market Clarity Act (full text) — Congress.gov (Congress.gov)
- Section-by-Section summary — US House Financial Services Committee (US House Financial Services Committee)
- "CLARITY Act: Potential US Tax Implications" — Skadden (June 2026) (Skadden (June 2026))
- "CLARITY Act Update: Where the Bill Stands Right Now" — Disruption Banking (Jul 2026) (Disruption Banking (Jul 2026))
General information for finance teams, current as of publication. Not legal, tax or accounting advice.