The Senate faces a 24-hour deadline to pass the CLARITY Act, which would give CFTC oversight of digital commodities. Bitcoin and Ethereum are expected to benefit first, proponents say.
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Congress has spent years arguing over who regulates crypto. The Senate now has roughly 24 hours to pass the Digital Asset Market Clarity Act before lawmakers leave for summer recess. Majority Leader John Thune has signaled an anticipated vote. Senator Cynthia Lummis said she is willing to keep the chamber working through the weekend.
The bill, formally H.R. 3633, draws a jurisdictional boundary between the SEC and the CFTC. The Commodity Futures Trading Commission gets oversight of digital commodities. The Securities and Exchange Commission retains authority over investment contracts. An updated Senate text released on July 22, 2026 merged contributions from the Agriculture and Banking committees. It added provisions around ancillary assets and intermediaries, broadening the bill beyond its original House version.
The House passed the CLARITY Act on July 17, 2025 with a vote of 294-134. That margin showed bipartisan support. The Senate Banking Committee followed on May 14, 2026, clearing the bill in a 15-9 vote. The full chamber requires 60 votes to overcome procedural hurdles. Republicans hold 53 seats, meaning at least seven Democratic votes are needed.
Coinbase and more than 200 other crypto firms publicly urged the Senate to act swiftly as of June 2026. Proponents of the bill argue that Bitcoin and Ethereum, with their existing institutional infrastructure, would likely fall under the CFTC's commodity framework under the bill's definitions. Those two assets are expected to be the first to benefit from the regulatory clarity, several people familiar with the matter said. Supporters say passage would give the crypto industry a clear regulatory framework, something it has lacked since the SEC began its enforcement actions.
Prediction markets earlier this month put the odds of passage at 27% after the Senate delayed a vote, according to an earlier report. Senator Haridopolos warned that further delay risks ceding the US lead in crypto to other jurisdictions. The European Union's MiCA framework took full effect in December 2024. The UK and Singapore have also introduced tailored frameworks. Industry executives said that every month the US spends in regulatory limbo is a month where crypto firms decide whether their next office should be in London or Singapore rather than New York.
The 60-vote threshold remains the central variable. Seven Democratic senators need to decide that crypto regulatory clarity is worth crossing the aisle for, on a compressed timeline, heading into a recess scheduled to begin August 8-10. Lummis has said she would keep the chamber working through the weekend if needed.
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