Key facts
- The CLARITY Act aims to establish federal rules for digital assets.
- The act seeks to define jurisdictional lines between the SEC and CFTC.
- The bill passed the House of Representatives.
- The bill cleared the Senate Banking Committee.
- A Senate floor vote on the CLARITY Act has been delayed.
- The vote was intended to occur before the U.S.'s 250th birthday.
- A Senate floor vote is now anticipated in late July or August.
The CLARITY Act, legislation intended to establish clear federal rules for digital assets and delineate jurisdictional boundaries between the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC), will not see a Senate vote before the United States' 250th birthday. The bill has encountered a delay in its progression through the Senate, despite having successfully passed the House of Representatives and cleared the Senate Banking Committee. Last-minute issues have reportedly stalled its advancement to a full Senate floor vote. The current expectation is that a vote will now take place in late July or August. This delay means the landmark legislation, which aims to provide a comprehensive regulatory framework for the burgeoning digital asset market, will not be enacted before the significant national milestone.