TLDR
CFTC Chair Mike Selig says the CLARITY Act is nearly finished, backing wider reports that the main US crypto market-structure bill is in its final drafting phase.
- Selig told lawmakers he is optimistic Congress will soon send the CLARITY Act to the president, while JPMorgan reports only 23 contentious issues remain unresolved.
- The bill would formally split jurisdiction between the SEC and CFTC, define tokens, stablecoins, and DeFi, and adopt a compromise on stablecoin yield models.
- The act is advanced but not law yet, with a Senate Banking markup targeted for late April and election timing still a major risk to passage.
Deep Dive
1. How Far Along Is The CLARITY Act?
In House Agriculture testimony, CFTC Chair Mike Selig said he expects the CLARITY Act could soon reach President Trumps desk and called it landmark digital asset legislation, while stressing enforcement will remain tough on fraud and manipulation.
This tone matches a JPMorgan analysis that says negotiators have cut disputed items from about a dozen to only two or three remaining issues, placing the bill in a late stage of talks. Reports describe it as the most advanced US crypto market-structure bill to date, with the House having passed its version 294134 in July 2025 and the Senate Agriculture Committee clearing its version in January 2026.
However, the final text is not yet public and there is still no scheduled Senate floor vote, so the legislative process is not complete despite the optimistic rhetoric.
2. What The CLARITY Act Would Actually Do
The Digital Asset Market CLARITY Act would draw a statutory line between agencies by assigning digital commodities to the CFTC and digital securities to the SEC, ending years of overlapping crypto enforcement.
It also aims to define key categories such as tokens, stablecoins, and DeFi platforms, then plug them into existing financial law, covering issues like exchange rules, custody and anti money laundering standards. A central fight has been over stablecoin rewards; current compromise language would ban passive yield on idle balances but allow activity based rewards tied to payments or platform use.
If enacted, US platforms and issuers would know which regulator they face and which product designs are permitted, which could unlock more institutional participation but also raise compliance costs.
3. Timeline Risks And What To Watch Next
Despite Seligs confidence and a White House backed compromise on stablecoin yield, several hurdles remain. Senate Banking is targeting a late April markup, but the date is not fixed and the 2026 midterms could easily push final action into 2027.
Prediction markets currently put passage odds around the mid 50 percent range, reflecting both real momentum and real timing risk. The bill must still clear Senate Banking, win 60 votes on the Senate floor, be reconciled with other committee versions, and then be signed by the president.
For crypto users and builders, the key signals now are whether Senate Banking actually marks up the bill on time and whether the stablecoin compromise language survives, since both will shape market structure and business models.
Conclusion
The CFTC chairs comments confirm that Washington is closer than ever to a comprehensive US crypto rulebook, with only a few big policy pieces still in play. If the CLARITY Act clears its Senate hurdles, it could finally settle SEC versus CFTC turf battles, codify stablecoin and DeFi treatment, and lower regulatory uncertainty that has pushed activity offshore. Until a markup date is locked and a final text emerges, though, the bill remains a powerful catalyst in waiting rather than a finished framework.
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