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Has the CLARITY Act become law?
No. The Senate did not advance H.R. 3633 in a 49–50 procedural vote on September 15, 2026, according to the Associated Press report from that day. That was a vote on whether to move forward, not a vote enacting the bill. The proposal therefore did not change federal crypto regulation as a result of that vote.
The text reported by the House and a later Senate draft are separate versions. On September 14, 2026, Senators Cynthia Lummis, John Boozman, and Tim Scott announced a final Senate draft, saying they would offer it as a substitute amendment if the motion to proceed succeeded. The House-reported text is available through the Government Publishing Office; the Senate sponsors’ announcement describes changes in their draft but should not be treated as a substitute for its complete statutory language.
What is the central regulatory change?
The House-reported bill would establish a statutory division of responsibilities between the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC). Its basic approach is to place digital commodities and their market intermediaries within a CFTC-oriented framework while retaining securities-law treatment for relevant investment contracts and other activity that remains subject to securities law.
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The House Financial Services Committee characterized its proposal this way: “The CLARITY Act establishes clear lines between the SEC and CFTC.” That is the committee’s description in its July 10, 2025 explainer, not a guarantee that every jurisdictional question would disappear. The boundaries would depend on statutory definitions and, if the bill were enacted, agency implementation.
How would the bill distinguish digital commodities from securities-related activity?
The proposal addresses both the status of digital commodities and the securities-law context in which some digital assets may be offered. The House committee report says the bill would clarify SEC jurisdiction over investment contracts involving digital commodities and address secondary-market trading of digital commodities that were initially offered as part of an investment contract. In other words, an asset’s connection to an earlier offering would not, by itself, settle every question about how later trading is regulated.
The bill includes a title covering offers and sales of digital commodities, investment-contract assets, and specified exemptions. The legal result for a particular asset or transaction would turn on the bill’s definitions and applicable requirements—not on a blanket rule that all crypto becomes a commodity. The House report’s explanation of the proposal is in House Report 119-168, Part 2.
What registration rules would apply to crypto intermediaries?
The House-reported text sets out registration regimes for digital commodity exchanges, brokers, and dealers, including a pathway for provisional registration. It also provides for SEC-facing requirements for certain trading venues and participants in securities markets. Which regime would apply would depend on the entity’s activities and the type of asset or transaction involved; the proposal does not put every crypto platform under one regulator.
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Registration would be a regulatory obligation for covered businesses, not insurance against market losses or a government guarantee that a platform or asset is safe. The bill’s text describes the proposed intermediary frameworks in the House-reported version of H.R. 3633.
What disclosures and customer protections would it add?
The House committee summary says developers would need to provide accurate, relevant disclosures about project operation and ownership. The bill’s offers-and-sales provisions include specified exemptions, so the proposed disclosure regime would not necessarily impose the same requirements on every token, developer, or offering.
For registered entities, the House text includes customer-protection requirements, custody provisions, and rules for CFTC intermediaries. These are proposed duties for covered market participants; they should not be read as a promise that customers would recover funds after a hack, insolvency, fraud, or decline in an asset’s value. The statutory details appear in the House-reported bill.
How does the bill address developers and decentralized finance?
The House-reported text contains provisions concerning non-controlling blockchain developers and decentralized finance (DeFi) activities, as well as provisions for studies of DeFi and non-fungible tokens (NFTs). These provisions are part of the proposed framework; they do not establish that every developer or DeFi participant would be exempt from regulation. Their application would depend on the statutory language and any implementing rules.
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The Senate sponsors said their September 2026 draft revised developer protections and added protections or guardrails concerning affiliate trading and conflicts of interest. Those descriptions are the sponsors’ summary of their draft, not a basis for attributing the same details to the House-reported text.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.What did the announced Senate draft change?
The sponsors said their draft incorporated 126 substantive changes requested by Democrats. That is the sponsors’ count and characterization, rather than an independent measurement. Their September 14 announcement highlighted ethics language, Treasury authority aimed at preventing deposit flight tied to payment stablecoins, revised developer protections, and provisions on affiliate trading and conflicts of interest.
The announcement identifies topics emphasized by the sponsors, but it does not establish the exact statutory treatment of each one in the complete Senate draft. The Senate version should therefore be compared with the House bill as a distinct proposal, not silently blended into it.
What would still depend on agency rules?
The House proposal delegates significant detail to SEC and CFTC rulemaking and includes implementation provisions. If enacted, its practical effects would depend on definitions in the statute, the registration pathways, agency rules, and effective dates. It would not instantly classify every crypto asset as a commodity or automatically resolve every SEC–CFTC dispute.
The sources cited here do not establish an independent estimate of compliance costs, consumer savings, economic effects, or the number of firms that would be affected. Nor should the $2.3 trillion cryptocurrency-market figure cited by AP in its September 15, 2026 story be mistaken for a bill provision; it was contextual reporting about the market at that time.
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