The CLARITY Act proposes a federal framework that would divide digital-asset oversight between the SEC and CFTC, create registration rules for certain digital-commodity intermediaries, and add disclosure and customer-protection requirements. It is not law: the Senate failed to advance the bill in a procedural vote on September 15, 2026.
What is the CLARITY Act, and what is its status?
The Digital Asset Market Clarity Act of 2025, H.R. 3633, is proposed market-structure legislation. The House-reported text is available from the Government Publishing Office, alongside the House committee report.
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There are two versions to keep distinct. The House-reported bill is one; a later Senate final draft was announced by Senators Cynthia Lummis, John Boozman, and Tim Scott on September 14, 2026. The next day, the Senate vote on whether to proceed failed 49–50, according to the Associated Press. That procedural setback left the proposal unadvanced at that stage; it did not enact the bill.
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1Clear out junk files and repair common Windows errors2Scan for outdated or missing drivers - takes under a minute3Repair Windows errors before they cause bigger problems| Question | House-reported bill | September 2026 Senate draft |
|---|---|---|
| What is the source? | House-reported statutory text and committee report. | Draft announced by the three Senate sponsors; their announcement is a summary, not a substitute for analyzing the complete statutory text. |
| What is established about the agency framework? | The text and committee report describe a CFTC role for digital commodities and SEC jurisdiction for securities-related matters, including certain investment contracts. | The sponsors’ announcement does not specify a different agency framework in the summary. |
| What Senate-specific changes were highlighted? | Not applicable to this version. | The sponsors described ethics language, Treasury authority related to payment-stablecoin deposit flight, revised developer protections, and provisions addressing affiliate trading and conflicts. |
| Did it become law? | No. | No; the Senate failed to advance the measure in the September 15 procedural vote. |
The Senate sponsors said their draft incorporated 126 substantive changes requested by Democrats. That number and characterization are the sponsors’ own, not an independent count. The Senate announcement is available from Senator Lummis’s office.
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How would the bill divide SEC and CFTC responsibilities?
The House proposal’s central change is a statutory framework for distinguishing digital commodities from securities-related activity. The committee report says the bill would give the CFTC jurisdiction over digital commodities, clarify the SEC’s jurisdiction over investment contracts involving digital commodities, and address secondary-market trading of digital commodities initially offered as part of an investment contract. The House Financial Services Committee summarized its aim as establishing “clear lines between the SEC and CFTC” in its July 10, 2025 explainer.
That is a proposed allocation of authority, not a rule that every crypto asset would automatically become a commodity. The categories and treatment of a particular asset or transaction would depend on the bill’s definitions and how the framework was implemented. The proposal also preserves a role for securities law where a transaction or market participant remains within that law.
What new rules would apply to crypto market intermediaries?
The House-reported text sets out registration regimes for digital commodity exchanges, brokers, and dealers, including provision for provisional registration. It also includes SEC-facing requirements for certain trading venues and securities-market participants. In practical terms, the proposal would regulate covered firms through agency-supervised pathways rather than treating all crypto trading as outside existing financial-market rules.
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Registration would bring duties for covered entities, but it would not guarantee that a customer avoids losses, that an asset retains value, or that a platform cannot fail. The bill’s customer-protection and custody provisions are obligations for regulated participants, not insurance against investment risk.
What would change for token offers and disclosures?
The bill includes a title covering offers and sales of digital commodities, treatment of certain investment-contract assets, and specified exemptions. The House committee’s summary says developers would need to provide accurate, relevant disclosures about project operation and ownership. This is a proposed disclosure regime with different treatment depending on the asset, offer, and applicable exemption; it should not be read as one identical disclosure checklist for every token or project.
How would it treat developers and decentralized finance?
The House text addresses non-controlling blockchain developers and decentralized-finance activities, and provides for studies of DeFi and non-fungible tokens. These provisions do not mean that all software developers or decentralized protocols would be exempt from every legal obligation; the details would turn on the statutory language and implementation.
Separately, the Senate sponsors said their draft revised developer protections and added provisions around affiliate trading and conflicts of interest. Those are descriptions of the Senate draft from its sponsors and should not be attributed to the House-reported text without a version-specific textual basis.
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What would still depend on regulators?
The House proposal delegates significant detail to SEC and CFTC rulemaking and includes implementation provisions. If enacted, its real-world effects would therefore depend on the final statutory definitions, agency rules, available registration pathways, and effective dates. It would not instantly resolve every SEC–CFTC dispute or immediately reclassify all crypto assets.
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The Senate vote is the latest status established by the cited September 2026 reporting; legislative status can change. For any later update, check Congress’s current record for H.R. 3633 rather than treating the Senate draft announcement or a failed procedural vote as enactment.
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