Overview
- Negotiators from the Senate Banking and Agriculture teams say they are close to a merged CLARITY Act text and former CFTC commissioner Summer Mersinger said a recorded Senate vote could come early next week, though no floor vote is listed on the public schedule.
- The bill would draw a legal line between the SEC and the CFTC by assigning securities-like tokens to the SEC and commodity-like tokens to the CFTC, creating federal rules for exchanges, custodians, brokers, and token issuers.
- Two core disputes remain unresolved: enforceable ethics language tied to possible conflicts involving President Trump’s family and rules for stablecoin rewards and yield-bearing products that banking groups say could drain bank deposits.
- Senate procedure requires roughly 60 votes to overcome a filibuster so passage depends on several Democratic crossovers on top of Republican support, meaning a recorded floor vote would not guarantee final enactment.
- Markets and observers are split about outcomes: prediction markets put strong odds on a near-term recorded vote but much lower odds that the CLARITY Act will become law in 2026, and the bill sits alongside other crypto measures such as the GENIUS Act that together will shape regulatory certainty for millions of users and firms.