Where the bill stands
H.R. 3633, Digital Asset Market Clarity Act of 2025
Status: Stalled in the Senate. Passed the House on July 17, 2025. On September 15, 2026 the Senate voted on whether to proceed to the bill and fell short of the 60 votes required.
Introduced by Rep. French Hill (R-AR) on May 29, 2025. Last updated October 30, 2026.
What happened on September 15
The Senate held a cloture vote on the motion to proceed to the CLARITY Act. A motion to proceed needs 60 votes before the Senate can take up the bill itself, and this one did not reach that number. Outlets report the tally differently, so see the CNBC and Orrick write-ups for the count.
The bill is procedurally still alive: Sen. Thom Tillis voted no so that he could move to reconsider, which preserves a path to revive it. Passage during this Congress is widely viewed as unlikely, with the House away until after the midterm elections and unenacted bills generally having to be reintroduced when the new Congress convenes in January 2027, according to DLA Piper.
Regulators are moving ahead anyway
Agencies said they would use the authority they already have. Items below are reported as of the dates shown; several are proposals or reviews, not final rules.
- SEC, August 18, 2026: proposed Regulation Crypto Assets, which would create exemptions from Securities Act registration for crypto investment contracts. Comments were due October 20, 2026. Proposal.
- CFTC, September 16, 2026: Chair Michael Selig said the agency would "get the job done using our existing statutory authorities."
- CFTC, September 17, 2026: sent a crypto rulemaking, "Regulation Crypto Asset Transactions and Regulation Crypto Asset Markets," to the White House for review. The text is not yet public. Pre-rule stage.
- SEC, September 17, 2026: issued an order creating a temporary pathway to trade certain tokenized stocks. Issued order, temporary.
- CFTC staff, September 24, 2026: updated FAQs on crypto assets and blockchain, including investing customer funds in tokenized permitted investments. Staff guidance.
Sources: CNBC, Sept. 22, 2026; Orrick, Oct. 2026. Agency actions can change; check the SEC and CFTC for current status.
What the bill would do for stablecoins
The Digital Asset Market Clarity Act is a market-structure bill. It would divide oversight of digital assets between the CFTC (digital commodities) and the SEC (digital asset securities) and set rules for trading platforms.
For stablecoins: it would treat "permitted payment stablecoins" under a tailored framework and expressly exclude them from securities classification. Issuance and reserve rules for payment stablecoins come from the GENIUS Act, not from this bill.
Proposed CFTC role
- Digital commodities and spot markets on registered platforms
- Derivatives and futures
- Permitted payment stablecoins when traded on registered platforms
Proposed SEC role
- Digital asset securities and investment contracts
- Token offerings with profit expectations
- Disclosure requirements
What does not change: the GENIUS Act
The GENIUS Act, signed into law on July 18, 2025, governs payment stablecoins: permitted issuers, reserve backing, audits and consumer protections. Payment stablecoins under the GENIUS Act are excluded from the definition of a security by statute, so the CLARITY vote does not alter that framework. Other stablecoins are assessed on their characteristics.
One open question: stablecoin yield, meaning whether holders can earn a return, was a main sticking point for the CLARITY Act and remains unresolved at the federal legislative level. See our GENIUS Act analysis.
Timeline
What this means
- Stablecoin issuers and users: the GENIUS Act framework is in place and unaffected.
- Broader token rules: clarity on SEC and CFTC jurisdiction will come, for now, from agency rulemaking and guidance rather than a statute. Agency rules can change more easily than law.
- Planning: follow enacted law and current regulator guidance, not the bill text. This page is educational and is not legal advice.