Overview
- Senate Banking Chair Tim Scott and Senate Agriculture Chair John Boozman confirmed a January 2026 markup, according to David Sacks.
- The House approved the CLARITY Act alongside the GENIUS stablecoin bill in July, and two Senate committee drafts now require reconciliation before final text emerges.
- The draft framework splits assets into digital commodities, investment contract assets, and permitted payment stablecoins, reallocating oversight to the CFTC, SEC, and banking regulators.
- Key questions remain unresolved in bracketed text, including the statutory definition of a security and how broadly DeFi activities are regulated.
- Most operational details shift to agency rules with 360‑day to 18‑month timelines, signaling a prolonged transition shaped by funding needs, partisan negotiations, and likely court challenges.