The Senate's Crypto Market-Structure Bill Comes to a Vote in September. It Splits the Job Between the SEC and CFTC.

The long-running question of who regulates crypto in the United States is headed for a Senate vote next month. The Digital Asset Market CLARITY Act would settle, for the first time in statute, when a digital token is treated as a security and when it is treated as a commodity — and which agency is in charge of each.

What the bill does

At its core the bill draws a line between two regulators. The Securities and Exchange Commission would oversee digital assets that are securities. The Commodity Futures Trading Commission would oversee digital commodities. Today that boundary is contested and largely defined through enforcement cases rather than a clear rule, which is why exchanges and issuers have pressed for legislation that tells them in advance which regime applies.

Where it stands

The House passed its version in 2025. In the Senate, Majority Leader John Thune filed a motion to proceed on August 8, opening the first procedural stage. But the chamber left for its August recess without holding the vote.

• Motion to proceed filed August 8, 2026
• No vote before the August recess
• Procedural vote expected when the Senate returns in September
• A cloture vote needs 60 senators — at least 10 Democrats

What is holding it up

Because advancing the bill requires 60 votes, it needs at least 10 Democrats, and their support is conditional. The main sticking point is a government-ethics provision — a dispute over restricting senior officials, including the president, from backing crypto projects. Disagreements also remain over how to treat stablecoin yield and rewards, and over illicit-finance safeguards. A revised bipartisan draft has been awaiting White House sign-off.

The market reaction

Crypto prices rose on August 20 after President Trump publicly urged Congress to pass the bill, with bitcoin trading around $71,980 that morning after opening up about 7% on the day. Price moves around legislative headlines are common and tend to fade; the substance of the bill is what would change how the industry is policed.

Why it matters

If it becomes law, the CLARITY Act would replace a decade of case-by-case jurisdiction fights with a written test. If it stalls again, the SEC and CFTC continue to sort out the boundary through rulemaking and enforcement — the very uncertainty the bill is meant to end.