There is a lot of discussion right now about the Clarity Act, a bill that would create the first ever federal written-into-law framework for cryptocurrency in the United States. After over a year of negotiations, on September 15, 2026 the Senate is set to begin voting on whether to advance the bill.
Why does Congress need to vote on crypto at all?
Why the Congress needs to vote on crypto
Across the country, 67 million Americans currently hold and use crypto - that’s one in four U.S. adults. With 12 million people coming on-chain in the past year alone, crypto has become part of everyday financial life, so the rules governing it matter to many.
Holders live in every state and congressional district, which means every Senator preparing for this vote represents constituents who hold crypto. Our interactive map shows exactly how many, district by district.
The economic impact of crypto is also larger than most people think. Our 2026 economic impact map shows crypto jobs and economic activity state by state, highlighting an industry woven into local economies well beyond the coasts. Clearer federal rules would give those businesses and those deciding whether to build in the U.S. a defined path for operating here. Almost seven in ten (69%) support strengthening American leadership in digital financial technology.
Crypto holders want clear rules
In our 2026 State of Crypto Holders report, nearly half (49%) of holders cited greater transparency from crypto companies, and 39% cited more government oversight and regulatory clarity as factors that would build their confidence in owning crypto. The Clarity Act could unlock the potential to address both of these interests. And among non-holders actively interested in buying crypto, a leading concern is that crypto lacks regulatory clarity (24%).
The U.S. has several financial regulators, each overseeing a different part of the financial system. For the crypto industry, two of the most relevant are the:
Securities and Exchange Commission (SEC), which oversees securities like stocks and bonds that come with promises and obligations from the issuer.
Commodity Futures Trading Commission (CFTC), which oversees commodities, such as oil, gold, and wheat, that are traded on open markets.
Crypto has never fit neatly into either lane. For over a decade, both agencies claimed authority over parts of the crypto market, sometimes over the same assets depending on how the asset was sold. In the past regulators have taken advantage of the ambiguity to keep the industry guessing which rules apply.
The Clarity Act is Congress's attempt to write clear rules for cryptocurrency. The House passed their own version of the bill in July 2025, and it has been under negotiation in the Senate since.
What the Clarity Act proposes
The Clarity Act would establish clearer rules for digital assets in the United States, including how crypto tokens are classified, which government agency is in charge of overseeing them, and what requirements companies that issue or trade crypto must follow. Digital assets that are sold and traded as investment contracts would qualify as securities and would remain under the SEC's jurisdiction, while other digital commodities would fall under the CFTC's authority.
The bill would also strengthen consumer protections for people buying, selling and holding digital assets.
The bill would also create a formal registration process for companies operating in the crypto space. Think of it like a license to operate: businesses that issue crypto tokens, run trading platforms, or execute trades would need to register with the appropriate government regulator and meet regulatory standards for transparency, custody, market integrity, anti-money laundering, etc. before they can do business. That includes:
Exchanges: Platforms where people buy and sell digital assets
Brokers: Companies that execute trades on behalf of customers
Dealers: Companies that buy and sell assets as part of their own business
Given crypto’s unique reliance on decentralized blockchains the bill would also distinguish between developers, who merely write code for a crypto project, and a company that runs a platform and controls user funds.
What happens on September 15
On September 15, the Senate is scheduled to hold a key preliminary vote on whether they will begin formal consideration of the Clarity Act. Think of it as a vote to begin formal debate.
This vote requires 60 votes, so it needs bipartisan support (from both Republicans and Democrats).
If it advances, the Senate would then debate the bill and it would then need a second vote to end the debate. That second vote also requires 60 votes.
If all goes well the Senate would then need 51 votes to pass the bill and the House then has to vote on the exact same bill.
Only after the Senate and House pass the same bill would it then go to the President to be signed into law.
What can the SEC and CFTC do if the Clarity Act does not pass in the Senate
Even without Clarity the SEC and the CFTC can issue rules and interpretations and that is exactly what they have been doing. For example, on March 17 the two agencies formally classified 16 tokens, including Bitcoin, Ethereum, XRP, Solana, as digital commodities. Two weeks ago the SEC proposed “Regulation Crypto Assets” proposing a framework for how new tokens can be offered to the marketplace. Also, the CFTC Chairman has said the agency will pursue its own market structure rulemaking if Clarity stalls.
While this approach is more piecemeal than a comprehensive statutory framework, it is no less important.
Are the GENIUS Act and the Clarity Act the same?
In July 2025, the GENIUS Act became law, creating the first federal framework for stablecoins, digital tokens designed to hold a steady value, usually pegged one-for-one to the U.S. dollar.
The GENIUS Act governs stablecoins, including who issues them and how reserves are managed and maintained
The Clarity Act covers the broader universe of crypto assets, exchanges, and trading platforms, as well as other relevant topics to the crypto industry like anti-money laundering (AML)
The GENIUS Act wrote the rulebook for one specific type of crypto asset. The Clarity Act would set the rulebook for the broader market through which those assets move.
Key takeaways
The Clarity Act would create a comprehensive federal framework for crypto, drawing a clear line between the SEC and CFTC. Along with the GENIUS Act's stablecoin framework, it would complete the foundation of U.S. crypto rules.
The Senate takes its first vote on September 15. The 67 million Americans who own and use crypto want Congress to act.
Even if passage of Clarity fails, the SEC and the CFTC will continue to issue rules and interpretations when it comes to crypto.