The Crypto Council for Innovation, the Blockchain Association, and The Digital Chamber submitted a joint letter to US Senate majority and minority leaders urging a floor vote on the CLARITY Act. The bill, which establishes a federal market structure for digital assets, passed the House of Representatives and is listed on the Senate Legislative Calendar under General Orders at Calendar No. 423. No cloture motion has been filed and no floor vote is scheduled as of 30 July 2026.
The CLARITY Act allocates federal regulatory jurisdiction over digital assets between the Securities and Exchange Commission and the Commodity Futures Trading Commission using a decentralisation test applied to the underlying blockchain network. Assets on networks meeting the decentralisation threshold become digital commodities under CFTC jurisdiction; assets on networks that do not meet the threshold remain digital asset securities subject to SEC oversight. The bill also creates express legal protections for open-source software developers contributing to public blockchain networks, sets consumer disclosure requirements for digital asset trading platforms, and establishes a certification process for issuers seeking to reclassify an asset from a security to a commodity as the underlying network matures.
Digital asset trading platforms registered with the SEC or CFTC must continue to comply with their existing registration obligations while the bill remains on the Senate calendar. Token issuers face continued uncertainty about which regulator has jurisdiction over their assets until Congress enacts legislation or the relevant agencies issue definitive rules. Platforms operating under informal SEC or CFTC accommodations have no statutory protection and bear full enforcement risk. The joint industry letter was co-signed by more than 160 former national security and law enforcement officials.
The bill requires at least 60 Senate votes to advance past the filibuster threshold. As of late July 2026, it lacks the seven to nine Democratic votes needed to clear cloture, with three unresolved policy disputes blocking those votes. The CLARITY Act must also be reconciled with a competing bill from the Senate Agriculture Committee before it can be enrolled for the President's signature. No timeline has been set for resolving the outstanding disputes or scheduling a floor vote.
We advise digital asset firms on regulatory positioning under current SEC and CFTC regimes and may assist through our partner network with legislative monitoring and compliance preparation for the market structure changes proposed in the CLARITY Act. Contact us regarding digital asset classification analysis, trading platform registration obligations, or cross-border structuring for US market access. Work we undertake includes US digital asset regulatory advisory, SEC and CFTC compliance analysis, decentralisation assessments, and legislative tracking for token issuers and trading platforms.
Source: Latham & Watkins, US Crypto Policy Tracker: Legislative Developments, accessed 30 July 2026