On 7 August 2026, Senate Majority Leader John Thune filed a cloture motion on the motion to proceed to H.R. 3633, the Digital Asset Market Clarity Act (CLARITY Act), as recorded in the 119th Congress 2nd Session Congressional Record at S4557. The bill cleared the Senate Banking Committee by a 15-9 bipartisan vote in May 2026. The House passed the CLARITY Act in the 119th Congress 1st Session. A Senate floor vote, if passed, would send the bill to the President for signature.
H.R. 3633 divides digital asset regulatory authority between the CFTC and the SEC. The CFTC receives primary jurisdiction over digital commodities, defined as digital assets that operate on a blockchain system that has achieved decentralized control as defined in the bill, or where the issuer files specified disclosure reports with the CFTC. The SEC retains jurisdiction over digital assets that qualify as securities under existing investment contract analysis. Updated text released by Senate Banking Digital Assets Subcommittee Chair Cynthia Lummis merges the work products of the Banking and Agriculture Committees.
Digital commodity exchanges, brokers, dealers, and custodians in the United States would register with the CFTC following enactment, once their listed assets satisfy the decentralisation criteria. Issuers of tokens in current SEC-CFTC jurisdictional uncertainty would need to assess whether to file CFTC disclosure reports to obtain digital commodity treatment. Custody standards, trading rules, and disclosure obligations differ between the CFTC and SEC regimes, creating material operational differences for market participants depending on the classification outcome.
The bill delegates the decentralisation determination to the CFTC on a facts-and-circumstances basis and does not classify specific tokens by name. The SEC retains fraud enforcement authority regardless of asset classification. The cloture motion requires 60 votes to proceed, and floor amendments could modify the bill text before final passage.
Licentium monitors US digital asset regulatory developments for crypto market clients. Our partner network includes US-qualified advisers for regulatory classification analysis and licensing strategy under the anticipated CLARITY Act structure. Work we undertake includes digital asset regulatory analysis, exchange and broker-dealer licensing strategy, cross-border crypto compliance, and SEC and CFTC jurisdictional assessments.
Source: 119th Congress, 2nd Session, Congressional Record S4557, 7 August 2026