Learn the new rules: the CLARITY Act explained

The Digital Asset Market Clarity Act (H.R. 3633) was introduced on May 29, 2025 and passed the House 294–134 on July 17, 2025. The Senate Banking Committee reported it with a substitute amendment on June 1, 2026. On September 15, 2026, a Senate cloture vote on the motion to proceed failed 49–50 (60 votes needed). Sen. Tillis entered a motion to reconsider, so the bill could come back. It is not law. The Senate version may differ from the House text summarized below.

Today, it's often unclear whether a token is a security (SEC) or a commodity (CFTC). The bill creates a category called a "digital commodity" and splits oversight:

Under Sec. 201, a token sold as part of an investment contract isn't itself a security just because of that sale. The fundraising deal is regulated, not the token forever.

Separately from the bill, the SEC issued an interpretation in March 2026 (Release 33-11412, with CFTC guidance). It sorts crypto assets into digital commodities, digital collectibles, digital tools, stablecoins and digital securities, and it names 16 examples of digital commodities: APT, AVAX, BTC, BCH, ADA, LINK, DOGE, ETH, HBAR, LTC, DOT, SHIB, SOL, XLM, XTZ and XRP. ClarityCheck's "likely digital commodity" rule is built on this list. Read it in the Federal Register.

Sec. 205 sets up a process for certifying to the SEC that a blockchain system is mature, broadly meaning no person or group controls it. It sets out statutory conditions, and the SEC can add other sets of conditions. Certification matters because insiders face lockups and sales limits, and issuers face extra disclosures, until the network is mature. Sec. 202 also creates an exemption from traditional securities registration for certain primary sales of digital commodities.

Platforms would register with the CFTC as digital commodity exchanges, brokers or dealers, with an expedited/provisional registration path (Sec. 106). Exchanges must follow core principles including listing standards, trade surveillance, conflicts-of-interest rules and system safeguards. Customer assets go to qualified digital asset custodians. To list a token, a registered entity certifies it to the CFTC, which has up to 80 days to review (Sec. 403).

• Self-custody: Sec. 105 affirms the right of US individuals to lawfully hold and transact with their own digital assets.
• DeFi exclusions (Secs. 309 & 409): validating, publishing software, building wallets, providing user interfaces and developing blockchain systems are excluded from SEC/CFTC regulation. Anti-fraud and anti-manipulation authority still applies.
• Developers (Sec. 109): non-controlling developers and blockchain service providers aren't treated as money transmitters just for providing certain infrastructure.

Payment stablecoins are covered by a separate law, the GENIUS Act (S. 1582), signed July 18, 2025 (Public Law 119-27). Treasury says the expected effective date is January 18, 2027. From then on, issuing a payment stablecoin in the US generally needs a federal or state license. From July 18, 2028, US platforms may only offer payment stablecoins from licensed issuers. Implementing rules from Treasury and the OCC are still proposals.

The House-passed text includes Title VI, the "Anti-CBDC Surveillance State Act." It bars Federal Reserve banks from offering certain products or services directly to individuals and from issuing a central bank digital currency, directly or indirectly. Not verified: whether this title survives in the Senate substitute.

• Congress.gov: H.R. 3633 actions
• Senate roll call vote No. 234 (Sep 15, 2026)
• House Financial Services section-by-section (Jul 2025)
• Bill text (engrossed in House)
• SEC Release 33-11412 (Federal Register, Mar 23, 2026)
• Congress.gov: GENIUS Act, Public Law 119-27
• Treasury: GENIUS Act proposed rulemaking (Aug 17, 2026)