Crypto Bill Stalls as US Regulators Take Policy Lead
Congress had sought to establish durable rules for digital assets through the Digital Asset Market Clarity Act, or CLARITY Act, including clearer jurisdiction for the Securities and Exchange Commission and Commodity Futures Trading Commission. The House approved the measure 294-134 on July 17, 2025, but the broader legislative effort has since stalled, leaving crypto companies without a settled federal framework for classifying and trading tokens.
With lawmakers at an impasse, the SEC and CFTC are increasingly shaping policy through agency action, including work on token exemptions and digital-asset trading rules. Crypto executives worry that regulations adopted without an act of Congress could be revised or withdrawn after a presidential transition, changes in agency leadership or court challenges. That uncertainty may limit companies’ ability to make long-term compliance and investment decisions even if the near-term rules are favorable.
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The history behind this eventThree Democratic Women Could Reshape U.S. Crypto Rules
U.S. crypto market rules straddle the Securities and Exchange Commission and the Commodity Futures Trading Commission, putting four congressional committees at the center of legislation. If the Digital Asset Market Clarity Act dies in the current Congress, lawmakers would have to restart in January 2027. Committee control would then determine whether market-structure legislation remains a priority and how aggressively Congress scrutinizes President Donald Trump’s digital-asset businesses and potential conflicts of interest.
As of Aug. 11, 2026, the Clarity Act had not received a Senate floor vote, leaving September as its brief remaining window. Kalshi put Democrats’ chances of winning the House at 84% and the Senate at 47%. A House flip could return Maxine Waters to the Financial Services Committee chair and elevate Shontel Brown at Agriculture; a Senate takeover could put Elizabeth Warren atop Banking. All three have opposed major crypto bills, while Stand With Crypto gives each a failing grade.
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