Ending the “War of the Agencies” Since the rise of Bitcoin and blockchain ecosystems, the SEC and the CFTC have been fighting over jurisdiction of digital assets. The SEC often views tokens as securities, while the CFTC considers them commodities when they are sufficiently decentralized. This ambiguity has led to regulation through enforcement, creating uncertainty for businesses and innovators. The CLARITY Act seeks to resolve this issue by establishing a clear framework:
Digital assets classified as “digital commodities”: placed under the primary supervision of the CFTC (spot markets, intermediaries, etc.). Assets considered securities (particularly during the initial issuance phase through investment contracts): remain under the authority of the SEC. Payment stablecoins authorized: a separate regime, often linked to the GENIUS Act adopted in parallel.
The bill also introduces a transition mechanism: a token issued as part of an investment contract can transition to “digital commodity” status once the blockchain network becomes sufficiently decentralized (“mature blockchain system”). Safe harbors are provided for non-custodial DeFi developers, validators, and miners. Major Advances in 2025 The bill achieved a decisive step in the House of Representatives:
July 17, 2025: passed by 294 votes to 134, with broad bipartisan support. It was part of Congress’s “Crypto Week,” alongside the GENIUS Act on stablecoins.
The legislation includes disclosure obligations, rules for intermediaries (exchanges, brokers), protections against illicit finance, and anti-CBDC measures, referred to in the bill’s title as the “Anti-CBDC Surveillance State Act.” Status in the Senate in 2026: Slow but Real Progress Sent to the Senate in September 2025, the CLARITY Act is being reviewed by the Banking Committee and the Agriculture Committee (which oversees the CFTC).
The Agriculture Committee advanced a complementary version (Digital Commodity Intermediaries Act) in January/February 2026. The Banking Committee, chaired by Senator Tim Scott, attempted a markup in January 2026, but it was postponed due to disagreements, particularly on stablecoin yields and certain DeFi provisions. Major industry players (such as Coinbase or Stripe) withdrew support from some revised versions.
Status as of March 31, 2026:
Advanced negotiations are underway regarding stablecoin yields (some drafts propose banning or severely limiting passive yields to avoid competition with bank deposits). Senator Cynthia Lummis stated that discussions on stablecoins were “99% resolved.” A markup in the Banking Committee is expected by the end of April 2026, after the Easter break. The SEC and CFTC anticipated the bill’s passage by releasing a joint 68-page interpretation on March 17, 2026, classifying 16 assets as “digital commodities” and excluding staking, mining, and airdrops from the securities regime.
Remaining Points of Tension Despite the progress, several issues remain unresolved:
Stablecoin yields: banks and credit unions are pushing for a ban on incentives (yields, rewards) to protect traditional deposits. The crypto industry sees this as a limitation on innovation. DeFi and decentralization: precise definition of safe harbors for developers and validators. Anti-money laundering rules and ethics requirements. Concerns about future “weaponization” of the bill by changing administrations, as expressed by figures like Charles Hoskinson (founder of Cardano).
Outlook and Expected Impacts If the CLARITY Act is passed and reconciled with the Senate versions, it would give the United States the most comprehensive regulatory framework in the world for digital assets. This could:
Attract institutional investments and promote the tokenization of real-world assets. Reduce litigation risks and clarify obligations for exchanges, brokers, and blockchain projects. Position the United States as a global leader in crypto innovation, competing with Europe (MiCA) and other jurisdictions.
However, the timeline remains tight: to hope for a final vote in 2026, the bill must clear the committees before the end of spring, given the midterm election deadlines. The CLARITY Act marks a turning point: after years of ambiguity, U.S. lawmakers are finally taking the lead in structuring a market that already weighs trillions of dollars. The coming weeks in the Senate will be decisive.