The US crypto market’s grandest legislative move, the Crypto Market Structure Bill, also named the Clarity Act, is coming up against a potentially final milestone in the US Senate. After being approved by the House in July 2025 with a 294-134 bipartisan majority, the bill has not advanced since then, leading to fears that such a delay will see regulatory uncertainty drag on until 2027 or even 2030. The law is aimed at providing legal certainty to digital assets, tokenization, and stablecoins, thereby halting the current regulatory-by-enforcement model.
The Clarity Act intends to label which crypto assets are securities and which are commodities, thus officially assigning SEC and CFTC their respective areas of supervision.
Earlier this year, a joint five-category token classification released by the two regulators in March laid the foundation for this. Passing it, JPMorgan remarked, might revolutionize the market structure and bring in the institutional capital that has so far been left on the sidelines.
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Currently, the Senate Banking Committee has not set a date for the markup. Senator Moreno stated that the lawmakers will have to bring the bill to the floor in May or else it might get lost among the midterm campaign politics. Senator Lummis outlined the fact that the delays might cause the Senate to address the matter only by the year 2030.
Justin Slaughter of Paradigm emphasized the importance of the committee “clearing” the bill by mid-May in order to hold a vote before Memorial Day. The calendar is being further compressed by non-legislative breaks from August 10 to September 11, and from October 5 to the November election, respectively.
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Major disagreements have almost been resolved, with the stablecoin yield issue being the most outstanding one for the US crypto market. Coinbase CEO Brian Armstrong and Treasury Secretary Bessent were among the people who recommended the bill publicly, and the White House is also pushing for it to be passed. Nonetheless, the bill still needs: a 60-vote Senate floor vote, it has to be made consistent with the versions passed by the Agriculture Committee and the House, and it has to be signed by the President.
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