The CLARITY Act represents the most comprehensive attempt to define who regulates what in U.S. crypto markets. It would give the Commodity Futures Trading Commission primary authority over digital commodity spot markets while leaving the Securities and Exchange Commission in charge of investment contract assets. The House passed its version in July 2025 by a vote of 294 to 134, but the Senate has yet to schedule a floor vote.
With the August recess looming and midterm elections approaching, the window for passing the bill is closing. The central question is whether Republicans can craft an ethics enforcement mechanism that satisfies enough Democrats to reach 60 votes, or whether the bill will stall until the next Congress.
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