The U.S. crypto industry’s Clarity Act has missed a key Senate window, making passage this year less likely. Regulators including the SEC and CFTC are expected to keep shaping crypto policy through guidance, proposals and existing authority if Congress does not act.
The U.S. crypto industry’s Clarity Act has missed a key Senate window, making passage this year less likely. Regulators including the SEC and CFTC are expected to keep shaping crypto policy through guidance, proposals and existing authority if Congress does not act.
The Digital Asset Market Clarity Act has run into trouble in the U.S. Senate after failing to secure a procedural vote before lawmakers left for their summer break. The bill was designed to clarify how digital assets should be classified and which agencies should oversee the companies that trade or handle them, but its chances of becoming law this year have narrowed.
The Digital Asset Market Clarity Act has run into trouble in the U.S. Senate after failing to secure a procedural vote before lawmakers left for their summer break. The bill was designed to clarify how digital assets should be classified and which agencies should oversee the companies that trade or handle them, but its chances of becoming law this year have narrowed.
The setback matters because the Clarity Act was meant to address one of the crypto industry’s central policy demands: a defined U.S. market structure for tokens, trading platforms and intermediaries. Without it, the Commodity Futures Trading Commission may not receive explicit authority over spot trading in crypto commodities, leaving regulators to rely on their existing powers and guidance.
CoinDesk reported that the SEC and CFTC are already moving in that direction. The SEC has been preparing policy work around tokenized securities and a proposed crypto-focused rule intended to ease the path for developers, while both agencies have issued guidance touching areas such as mining, memecoins, rewards and asset classification. SEC Chair Paul Atkins has still emphasized that Congress is needed for durable market-structure policy.
Other parts of Washington’s crypto framework are also advancing outside the Clarity Act. Banking regulators have been granting charters to crypto firms, the Federal Reserve has been working on access to payment services, and the Treasury Department and IRS are implementing crypto-specific policies. The industry also secured a major legislative win with the GENIUS Act, which created rules for U.S. stablecoin issuers.
The uncertainty is not over. CoinDesk noted that some institutions may remain cautious if the sector continues to depend on agency statements that future administrations could change. Still, the broader push for market-structure legislation has survived multiple versions, including FIT21 and the House-passed Clarity Act, meaning a failed 2026 effort would likely delay rather than end the debate.
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