CLARITY Act Stalls in Senate; CFTC Crypto Rulemaking Goes to White House
The Senate fell short of the 60 votes needed to move the CLARITY Act, weakening odds of federal crypto market-structure legislation this Congress, while a CFTC digital-asset rulemaking has reportedly entered White House review.
What happened: According to Orrick's client alert, the Senate failed to gather the 60 votes required to proceed with the CLARITY Act, which the firm characterises as significantly diminishing the bill's chances of passage in the current Congress. Separately, the CFTC has sent a crypto asset rulemaking to the White House for review, with the firm's takeaway noting that the outcome of that review is not yet binding.
Why sophisticated counsel should care: US digital-asset policy is now split between a stalled legislative track and an agency track. For banks, broker-dealers, exchanges, fintech issuers and trading-desk clients, the practical consequence is extended reliance on the existing patchwork of CFTC and SEC authority plus congressional efforts elsewhere, which in turn raises questions about which tokens, intermediaries and activities stay within regulated perimeters. The White House review step is a milestone rather than a rule: the text seen by reviewers can still change, and the alert suggests the impact is not yet locked in.
Concrete actions to watch: whether the rulemaking clears review and is released for public comment, the scope and timing of any CFTC proposal, and whether Senate proponents revive the market-structure bill or pivot to narrower vehicles. Firms should treat client guidance on token classification and offering perimeter as provisional until both tracks clarify.