What the CLARITY Act is
The Digital Asset Market Clarity Act, H.R. 3633 in the 119th Congress, is the main US bill on crypto market structure: which regulator oversees which digital assets, and what exchanges, brokers and dealers must do. It was introduced on May 29, 2025 and is often discussed alongside the GENIUS Act, which became law in July 2025 but covers only payment stablecoins.
According to the Congressional summary of the introduced version, the bill would create a framework for digital commodities, defined as digital assets that rely on a blockchain for their value. The CFTC would generally regulate digital commodity transactions, including exchanges, brokers and dealers. Trading eligibility would depend on whether a blockchain is mature or decentralized as the bill defines it, or whether the issuer files certain reports. The bill also sets rules on trade monitoring, recordkeeping, commingling of customer assets, Bank Secrecy Act coverage, and provisional registration until it is implemented (Congress.gov summary).
The Senate Banking Committee reported the bill on June 1, 2026 with an amendment in the nature of a substitute, which replaces the House text. Crypency has not summarized that substitute text here. Use the Congress.gov "Text" tab for the version that would get a vote.
Where the bill stands
The House passed H.R. 3633 by 294 to 134 on July 17, 2025 (Roll no. 199). In the Senate, a cloture motion on the motion to proceed was filed on August 8, 2026. On September 15, 2026 the Senate voted 49 to 50, so cloture was not invoked (Record Vote 234; Senate.gov). Senator Tillis entered a motion to reconsider the same day. As of October 21, 2026 that is the latest recorded action (Congress.gov actions).
Three texts exist: the bill as introduced (summarized below), the substitute the House passed on July 17, 2025 (Rules Committee Print 119-6, as modified), and the substitute reported by the Senate Banking Committee on June 1, 2026 (Congress.gov). As of October 21, 2026 Crypency has summarized only the introduced text; check the Congress.gov text tab for later versions.
Status words matter here. The bill has passed one chamber. It has not "passed Congress", and nothing in it is in force.
Who it would apply to
- Digital commodity exchanges, brokers and dealers: CFTC registration and conduct rules (introduced version).
- Issuers and developers of digital commodities: disclosure or reporting duties tied to whether a blockchain is mature or decentralized.
- SEC-registered brokers, dealers, alternative trading systems and national securities exchanges: SEC jurisdiction over their digital commodity activity.
- Not payment stablecoins issued by permitted issuers, which the GENIUS Act already covers.
Key provisions (introduced version)
| Provision | Plain-language meaning |
|---|---|
| Digital commodity definition | A digital asset that relies on a blockchain for its value. |
| CFTC market oversight | CFTC regulates digital commodity exchanges, brokers and dealers. |
| Mature blockchain test | Exchange trading tied to maturity or decentralized control, or issuer reporting. |
| SEC exemption | Some digital commodity sales exempt from SEC registration under a size limit and conditions. |
| AML | Exchanges, brokers and dealers subject to the Bank Secrecy Act. |
| Provisional registration | Interim registration until the framework is implemented. |
What the agencies are doing while the bill is stalled
- SEC: proposed Regulation Crypto Assets (FR Doc 2026-17183, RIN 3235-AN38), with two Securities Act exemptions and a conditional investment-contract safe harbor. Published August 21, 2026; comments closed October 20, 2026. Proposed only (Federal Register).
- CFTC: advance notice Regulation Crypto Asset Transactions and Regulation Crypto Asset Markets (FR Doc 2026-20888, RIN 3038-AF80), published October 13, 2026, comments due December 14, 2026. No rule text yet (Federal Register).
Both are tracked weekly on the Crypency regulation tracker.
CLARITY vs GENIUS vs MiCA
| Point | CLARITY Act | GENIUS Act | EU MiCA |
|---|---|---|---|
| Status | Bill (House passed) | Law, effective expected 2027-01-18 | In force since 2024-12-30 |
| Scope | Market structure for digital commodities | Payment stablecoins | Crypto offers, stablecoins and service providers |
| Main regulator | CFTC (with SEC roles) | OCC, Fed, FDIC, NCUA, states | National authorities, ESMA, EBA |
What it means for builders
- Plan on today's rules: without CLARITY, SEC and CFTC jurisdiction over non-stablecoin tokens is still set case by case and by agency action.
- Follow the agency proposals; their comment periods are the near-term way to influence rules.
- Watch Congress.gov for any new cloture filing before January 3, 2027, when the 119th Congress ends.
- Keep stablecoin plans on the GENIUS Act timeline, which does not depend on CLARITY.
- For EU operations, MiCA already applies; see MiCA explained.
- This is not legal advice.