The most important agenda topic in the field of crypto law in 2026 will be CLARITY, because the Senate and the House of Representatives discussed it after GENIUS. CLARITY, known as the law that will bring clarity to the cryptocurrency market, has progressed in the House of Representatives, but there is still a way to go. Today we will cover all the details you need to know.
CLARITY 2026
HR 3633, known as the “Digital Asset Market Clarity Act of 2025”, classifies most cryptocurrencies as commodities, meaning it is placed under the supervision of the CFTC. Until today, especially during the Gensler period of cryptocurrencies all were considered securities, that is, assets under the supervision of the SEC.
There are two different versions of CLARITY in the Senate. The Banking and Agriculture Committees worked on two different drafts last year.
- Responsible Financial Innovation Act (RFIA) by Senators Cynthia Lummis and Tim Scott.
- The Senate Agriculture Draft (Boozman-Booker Bill), which was prepared by the Senate Agriculture Committee and is seen as the Senate equivalent of the CLARITY Act, that is, its focus is on giving more authority to the CFTC (saying that most cryptocurrencies are commodities).
The law was passed with a large majority (294-134) on July 17, 2025. Currently the focus is on the Senate. Tim Scott and Agriculture Committee Chairman John Boozman want to take up the bill later this month. In the previous news, we mentioned that the two parties would discuss this issue.
Markup Sessions
Markup, or editing sessions, that are expected to start in the Senate as of this month. in the senate crypto law Two main committees (Banking and Agriculture Committees) have authority for the According to the statements of White House Crypto Advisor David Sacks and Senators Tim Scott and John Boozman, the process is expected to continue in January.
Version Combining
The Senate Banking Committee (SEC-focused) and the Agriculture Committee (CFTC-focused) will consider their own versions and work toward a single draft from within the Senate.
Senate Committee Vote
The third stage is for the consolidated text to be placed on the voting calendar by the Senate Majority Leader. 100 Senators will participate and under normal circumstances, the law will be passed with the approval of 51 Senators, that is, a simple majority. However, if the Democrats want to sabotage the process (the filibuster, which we talked about at length during the government shutdown and inability to reopen), the process may be extended and 60 Senators must support it.
House and Senate Compromise
When the three-stage process in the Senate is completed, the next stage is to address the differences between the texts of both wings, if changes are made to the text released by the Senate (which is expected to be made). A joint committee is established and a final “Enrolled Bill” is created that both chambers will accept.
Trump’s Endorsement
The fifth and final stage, which we will see in 2026, is the submission of the bill for Trump’s signature after parliamentary approval. This is the easiest stage and Trump wants the law to come before him quickly. If January passes with committee discussions and votes, the Senate General Assembly vote can be completed by March. If the House and Senate Reconciliation is completed within 3-4 months, the law may be approved by Trump before the midterm election period begins in August.
What is CLARITY?
As we mentioned in the introduction, we are talking about a bill that limits the powers of the SEC and increases the powers of the CFTC. The bill introduction text includes the following detail;
“The bill would preserve certain aspects of the Securities and Exchange Commission’s (SEC) authority over primary market crypto transactions and provide a new limited exemption from SEC registration requirements for fundraising, while giving the Commodity Futures Trading Commission (CFTC) a central role in the regulation of digital commodities and related intermediaries. The bill would define a digital commodity as a digital asset whose value is “inherently tied” to the use of blockchain. The term digital commodity shall not include securities, derivatives, and stablecoins.”
Details of the law
Beyond determining whether an asset is a security or a commodity, these definitions create a dynamic framework according to the development stage of blockchain technology. Digital Commodities are defined as assets that are inextricably linked through the use of blockchain. Apart from stablecoins, securities and derivative instruments, cryptocurrencies will be recognized as digital commodities.
cryptocurrencies SEC It will have to comply with the concept of “mature blockchain” in order to transition from security to commodity auditing to CFTC auditing. What is this? There are 3 conditions;
- blockchain system and related digital commodities should not be controlled by any single person or group under common control.
- The value must be derived largely from the “use and operation” of the blockchain.
- The system must not grant privileges to users and the units held by certain holders must be less than 20% of the total supply.
Cryptocurrencies that fail to meet these will not be under CFTC control. Three important conditions also create a framework for the reliability of the relevant cryptocurrencies. We have seen what investors experience with tokens where 80% of the supply is in the hands of the team or secret partners.
One of the most striking legal nuances in the sources is the distinction made between “investment contract” (a type of security) and “investment contract asset”. The law says that digital assets sold through an investment contract will not themselves automatically be considered an investment contract (and therefore a security). So, Gensler’s nonsense like “every cryptocurrency is a security, even if it partially complies with the Howey test” is left behind.
Digital Commodity Exchanges (DCE), Brokers and Dealers will have to register with the CFTC.
Bank In the Holding Company Act With the change, financial holdings and qualified banks will be allowed to conduct digital commodity activities. This is one of the most important details and will further pave the way for corporate crypto services.
of blockchain The SEC would be given authority to assess “maturity,” administer primary market registration exemptions (with a sales limit of up to $75 million in 12 months), and set reporting rules for immature systems. So the SEC will decide which altcoin is a security or commodity.
The CFTC will have exclusive regulatory authority over digital commodity transactions (including spot and cash markets) based on mature blockchains.
