Senate Advances Bipartisan Crypto Bill to Define SEC and CFTC Roles

Published by

Nidhi Kolhapur

May 23, 2026

The United States Senate Banking Committee has advanced the bipartisan CLARITY Act, a major crypto bill designed to split oversight between the SEC and CFTC. The proposal would classify some digital assets as commodities while keeping others under securities laws, alongside new rules covering stablecoins, anti-money laundering standards, and blockchain developer protections. Supporters including Tim Scott and Cynthia Lummis say it could finally give the crypto industry clear rules. Critics such as Elizabeth Warren argue consumer and national security risks remain unresolved. The bill now heads toward further Senate negotiations and a difficult floor vote.

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