Senate Releases 309-Page Clarity Act Crypto Draft Bill

The US Senate Banking Committee released a 309-page draft of the Digital Asset Market Clarity Act on 11 May 2026. The draft arrived ahead of a scheduled committee markup session. A markup session is a formal meeting where legislators review and amend a bill before a full Senate vote. The bill is not yet law. It still requires 60 Senate votes to advance and full congressional passage.

Four regulators split authority over crypto marketsThe draft assigns oversight of digital assets across four bodies. The Securities and Exchange Commission (SEC) takes authority over most token sales. The Commodity Futures Trading Commission (CFTC) receives authority over spot markets for mature tokens. The Federal Reserve and state banking regulators share authority over payment stablecoins. A stablecoin is a digital token designed to maintain a fixed value, usually pegged to the US dollar.

"far too long, American innovators and entrepreneurs have been waiting for definitive guidance regarding the status of crypto assets under federal securities laws and the Commodity Exchange Act. With today's interpretation, that wait is concluded.", 17 March 2026. — Michael S. Selig, Chairman, CFTC

Tokens can move from securities to commodity statusThe draft creates a formal pathway for tokens to change their regulatory classification. A token that starts as a security can move to commodity treatment once it passes a "mature blockchain test." This test measures whether the underlying network has reached sufficient decentralisation. Decentralisation means no single team or company controls the network. The House of Representatives passed an earlier version of this framework on 17 July 2025 by a vote of 294 to 134.

Senate draft updates earlier 278-page bill textThe 309-page Senate draft is an updated version of an earlier 278-page draft. The Senate Banking Committee revised that text before the May 2026 markup session. The CLARITY Act framework passed the House on 17 July 2025. The current Senate draft must be reconciled with the House-passed version before the bill can reach the President for signature. The draft assigns oversight of digital assets across four bodies. The Securities and Exchange Commission (SEC) takes authority over most token sales. The Commodity Futures Trading Commission (CFTC) receives authority over spot markets for mature tokens. The Federal Reserve and state banking regulators share authority over payment stablecoins. A stablecoin is a digital token designed to maintain a fixed value, usually pegged to the US dollar.

Senate draft updates earlier 278-page bill textThe 309-page Senate draft is an updated version of an earlier 278-page draft. The Senate Banking Committee revised that text before the May 2026 markup session. The CLARITY Act framework passed the House on 17 July 2025. The current Senate draft must be reconciled with the House-passed version before the bill can reach the President for signature. Tokens can move from securities to commodity statusThe draft creates a formal pathway for tokens to change their regulatory classification. A token that starts as a security can move to commodity treatment once it passes a "mature blockchain test." This test measures whether the underlying network has reached sufficient decentralisation. Decentralisation means no single team or company controls the network. The House of Representatives passed an earlier version of this framework on 17 July 2025 by a vote of 294 to 134.

Senate draft updates earlier 278-page bill textThe 309-page Senate draft is an updated version of an earlier 278-page draft. The Senate Banking Committee revised that text before the May 2026 markup session. The CLARITY Act framework passed the House on 17 July 2025. The current Senate draft must be reconciled with the House-passed version before the bill can reach the President for signature. The draft creates a formal pathway for tokens to change their regulatory classification. A token that starts as a security can move to commodity treatment once it passes a "mature blockchain test." This test measures whether the underlying network has reached sufficient decentralisation. Decentralisation means no single team or company controls the network. The House of Representatives passed an earlier version of this framework on 17 July 2025 by a vote of 294 to 134.

Senate draft updates earlier 278-page bill textThe 309-page Senate draft is an updated version of an earlier 278-page draft. The Senate Banking Committee revised that text before the May 2026 markup session. The CLARITY Act framework passed the House on 17 July 2025. The current Senate draft must be reconciled with the House-passed version before the bill can reach the President for signature. The 309-page Senate draft is an updated version of an earlier 278-page draft. The Senate Banking Committee revised that text before the May 2026 markup session. The CLARITY Act framework passed the House on 17 July 2025. The current Senate draft must be reconciled with the House-passed version before the bill can reach the President for signature. Cryptocurrencies are highly volatile and involve significant risk. You may lose part or all of your investment. All information on Coinpaprika is provided for informational purposes only and does not constitute financial or investment advice. Always conduct your own research (DYOR) and consult a qualified financial advisor before making investment decisions. Coinpaprika is not liable for any losses resulting from the use of this information.