The Digital Asset Market Clarity Act, known as the CLARITY Act, passed the House on July 17, 2025, by a vote of 294 to 134, and cleared the Senate Banking Committee on May 14, 2026, by a 15-to-9 margin. The bill establishes a clear jurisdictional split, giving the CFTC authority over assets classified as digital commodities while keeping the SEC in charge of investment contracts and securities. This legislation represents the crypto industry’s best shot at federal market structure law, but the lame-duck session running from mid-November through late December is now seen as its last realistic opportunity this Congress. Without passage, regulation will remain enforcement-driven, with companies learning what is prohibited primarily through SEC complaints rather than a comprehensive federal framework.
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