The CLARITY Act, a 616-page bill championed by Republican Senator Cynthia Lummis, passed the House of Representatives in July 2025 with a 294-134 vote and now awaits Senate consideration, with a procedural cloture vote scheduled for September 15. The legislation creates distinct categories for digital assets, notably « ancillary assets » and « digital commodities, » determining whether the SEC or CFTC holds oversight authority, effectively ending years of jurisdictional tug-of-war between the two agencies. A key provision, Section 701, specifies that customer-held digital assets qualify as customer property in Chapter 7 bankruptcies, protecting users from having their crypto seized by creditors. The bill also provides liability shields for non-custodial developers and allocates 150 million dollars in additional funding for FinCEN.
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