US Crypto Rules Advance on Two Tracks: CLARITY Act in the Senate, GENIUS Act Now Law
A market-structure bill dividing oversight between the SEC and CFTC is moving through the Senate, while the stablecoin law signed in 2025 heads toward its rulemaking deadline.
US digital-asset regulation is moving forward on two separate tracks: one that would set the ground rules for trading most crypto tokens, and one — already law — that governs stablecoins. Here is where each stands as of early June 2026, and why it matters to everyday users.
Track one: market structure and the CLARITY Act
"Market structure" refers to the basic question of who regulates what. In the United States, two agencies share that job. The Securities and Exchange Commission (SEC) oversees securities — investment instruments such as stocks. The Commodity Futures Trading Commission (CFTC) oversees commodities and their futures markets. For years it has been unclear which agency governs a given crypto token, leaving both businesses and users uncertain about the rules.
The Digital Asset Market Clarity Act, or CLARITY Act (H.R. 3633), aims to settle that. It would route oversight of "digital commodities" largely to the CFTC, while leaving tokens that function as investment contracts under the SEC.
The bill passed the House of Representatives on July 17, 2025, by a vote of 294 to 134. It then moved to the Senate, where two committees share jurisdiction. The Senate Banking Committee advanced the bill on May 14, 2026, by a bipartisan vote of 15 to 9, and the measure was formally reported to the full Senate on June 1, 2026. The Senate Agriculture Committee, which oversees the CFTC, also shares jurisdiction over the bill. Committee approval is a step forward, but the full Senate has not yet passed the measure, and any Senate-passed version would still need to be reconciled with the House. In short, the CLARITY Act is advancing but is not yet law.
Track two: stablecoins and the GENIUS Act
A stablecoin is a token designed to hold a steady value, typically one US dollar, by being backed by reserves such as cash or short-term government debt. The GENIUS Act became law on July 18, 2025, as Public Law 119-27, creating the first federal framework for "payment stablecoins."
The law requires issuers to back each token one-for-one with high-quality, liquid reserves and to operate under federal or qualifying state supervision. Notably, it bars issuers from paying interest or yield to people simply for holding a stablecoin — a provision that has drawn debate, since some firms would prefer to offer returns. The law also distinguishes compliant payment stablecoins from securities and commodities, keeping them outside the usual SEC and CFTC paths.
While the GENIUS Act is law, much of it depends on rules that regulators are still writing. Agencies face a statutory deadline of roughly July 18, 2026 to issue most implementing regulations, with broader provisions taking effect later. Several proposed rules — including measures addressing the yield prohibition and anti-money-laundering duties — were open for public comment through the spring of 2026.
Why it matters
For ordinary users, both tracks point toward clearer expectations: a defined regulator for a given token, reserve and disclosure standards for stablecoins, and consumer protections that come with formal oversight. But the picture is uneven. The stablecoin framework is settled in law yet still being detailed through rulemaking, while the broader market-structure rules remain a proposal that could change before — or if — they pass.
Sources
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