On July 17, 2025, the U.S. House approved the CLARITY Act in a bipartisan vote of 294โ134, establishing a division of oversight authority between the SEC (for securities-like assets) and the CFTC (for commodities and certain stablecoins).
The draft from the Senate has been released by the Banking Committee, known as the 'Responsible Financial Innovation Act', which is seen as a continuation of the CLARITY Act but with a more minimalist style and a focus on general principles rather than complex technical details.
โช Key points from the Senate draft:
Allowing certain tokens (referred to as 'ancillary assets') to be exempt from securities regulations.
Token shielding to allow them to 'pass' SEC oversight through certification.
Disclosure components required for token issuers: project structure, transactions, ownership, etc.
The Senate Banking Committee has set a deadline of September 2025 to approve this market structure legislation. However, some analysts suggest that the timeline could potentially slip to early 2026 due to a crowded legislative agenda.
โช What to Watch in August 2025?
Hearing and signing in the Senate Banking Committee that will approve the final version of the market structure framework.
Full vote in the Senate, which determines whether the bill will proceed to reconciliation meetings with the House of Representatives.
The reconciliation process between the House version and the Senate versionโwhether to continue using the CLARITY Act or to replace it with the Senate's branded model.
Confirmation on whether President Trump will sign the final version that passed, thus officially making the bill a legal product.
๐ต๐ป Why Is This Important?
The CLARITY Act ends regulatory ambiguity between the SEC and CFTC by establishing a clear legal definition of digital assets & oversight structure.
Stablecoins like USDC or others are categorized as 'permitted payment stablecoins' and are under CFTC oversight, not SEC (as long as they meet issuer & audit requirements).
If enacted, this bill will serve as the foundation for U.S. digital asset regulation alongside the GENIUS Act (stablecoins) and the Anti-CBDC Act (CBDC ban) already approved by the Houseโforming a comprehensive regulatory system for U.S. crypto.
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