The U.S. Senate Banking Committee released the full text of the Clarity Act this morning, making public a crypto market structure bill that had been circulating behind closed doors for weeks. The release comes just days before a scheduled hearing on the legislation — a sign that committee leaders are ready to move forward with a formal markup.
What the bill does — for now
Dubbed the Clarity Act, the legislation is designed to set a federal framework for digital asset classification, exchange registration, and custody rules. It's the most ambitious crypto market structure bill to emerge from the Banking Committee this session. The text had been kept under wraps while staff negotiated language on token classification and the boundary between SEC and CFTC jurisdiction.
Lawmakers on both sides of the aisle have been pushing for a comprehensive bill since last year's market turmoil. The public release suggests that Chairman Tim Scott and Ranking Member Elizabeth Warren have reached enough common ground to allow a public debate.
What happens next
The committee has scheduled a hearing on the bill, though a specific date hasn't been publicly confirmed. Sources familiar with the process expect a markup session within two weeks. If the bill clears committee, it would head to the full Senate floor — but the path through the House remains uncertain.
Industry groups have been watching the closed-door drafts closely. The release of the text finally gives exchanges, issuers, and lobbyists something to respond to. Expect a flurry of comment letters and talking points in the next few days.
What's still unknown
The Clarity Act's final language on stablecoins, decentralized finance, and enforcement provisions is still subject to amendment. The public text may change significantly before a vote. With the election season ramping up, the window for passing a major crypto bill this year is narrowing — but the committee just opened a door that had been locked for months.
