Senate has 5 days to pass the Crypto Clarity Act before summer recess

The US Senate is staring down a five-day window to advance the Digital Asset Market Clarity Act before lawmakers scatter for summer recess. The bill, which would finally draw clear jurisdictional lines between the SEC and CFTC on crypto oversight, has been bouncing around Congress for over a year now. Where things stand The House passed the CLARITY Act (H.R. 3633) on July 17, 2025, with a bipartisan vote of 294-134. The Senate Banking Committee then advanced the bill with a 15-9 vote on May 14, 2026. An updated merged text dropped on July 22, 2026, clocking in at 616 pages. The revised version incorporates provisions related to ethics requirements and asset classification frameworks. Congressional prediction markets currently estimate only a 30-38% chance of the Act passing before year-end. What the bill actually does The bill proposes a framework that would classify certain digital assets as commodities under CFTC jurisdiction, while others would fall under the SEC’s securities umbrella. Bitcoin and Ethereum, the two largest crypto assets by market cap, would likely land in the CFTC camp under the proposed rules. The legislation also tackles stablecoins and decentralized finance. ...