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Crypto Clarity Act Nears Senate Vote: CFTC Chair
CFTC chair says Clarity Act passage imminent. House-passed bill awaits Senate vote. Would split crypto oversight between CFTC and SEC. Next catalysts: Banking Committee markup, White House.
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A bill that would hand the Commodity Futures Trading Commission primary oversight of most crypto assets is one Senate vote from becoming law, the agency's chair said Monday.
The legislation, called the Clarity Act, passed the House earlier this year. It now sits with the Senate, where leadership has not yet scheduled a floor vote. The bill would classify digital assets into distinct categories – a move the CFTC chair described as crucial for establishing a single federal standard.
Current oversight splits between the CFTC and the Securities and Exchange Commission, with much of the line-drawing happening through enforcement cases rather than statute. The Clarity Act aims to change that by assigning each agency a defined bucket. Most tokens would fall under the CFTC. The SEC would retain authority over assets that meet a stricter securities test, though the bill leaves some boundary questions open.
Recent prediction-market pricing shows growing confidence the bill will pass, the chair said. The statement itself appeared to reinforce that sentiment. Markets are now watching two milestones: a Senate Banking Committee markup and a floor vote afterward. White House support is also a factor; the chair said final decisions rest with President Donald Trump and Senate leaders.
For crypto exchanges and market makers, the bill's passage would end years of jurisdictional uncertainty. Many firms now operate under state money-transmitter licenses and ad-hoc SEC no-action letters. A federal framework would let them plan around clear rules for custody, listing, and trading. Critics argue the bill does too little to protect retail investors and leaves too much discretion to the CFTC, which has fewer resources than the SEC.
Those concerns could surface during Senate hearings. The Banking Committee has not announced a date. If the bill stalls, the current enforcement-led regime continues – a scenario the CFTC chair said leaves the industry in limbo.
The text of the Clarity Act is available on Congress.gov.