The CLARITY Act (Digital Asset Market Clarity Act, H.R.3633) passed the US House 294-134 on July 17, 2025 and cleared the Senate Banking Committee 15-9 on May 14, 2026. It has not passed the full Senate. This timeline tracks every material milestone from introduction through the July 2026 delay-provision debate, plus a provision-tracking table showing what has moved and what has not.
Why the CLARITY Act timeline matters
The CLARITY Act is the House market-structure companion to the already-enacted GENIUS Act on stablecoins. Operators, treasury teams, and legal counsel need the sequence of votes and committee actions because the compromise text keeps moving. A provision that was in the House bill may or may not survive Senate reconciliation, and the difference matters for custody design, jurisdiction planning, and product roadmaps.
This page is maintained as a running record. If the Senate schedules a floor vote or a House-Senate conference committee produces a reconciled text, we add the entry here rather than starting a new post.
2025: House introduction and passage
May 29, 2025. Representative French Hill (R-AR) and Representative Bryan Steil (R-WI), joined by House Agriculture Chairman GT Thompson and Digital Assets Subcommittee Chair Dusty Johnson, introduced H.R.3633, the Digital Asset Market Clarity Act, in the 119th Congress.
June 2025. The bill cleared the House Financial Services Committee and the House Agriculture Committee in parallel markups. Both committees advanced the bill with bipartisan support.
July 17, 2025. The House passed H.R.3633 by a 294-134 vote (Roll Call 199). More than 70 Democrats crossed over, making it the most bipartisan digital-asset bill to clear a chamber to date. On the same day, the House also passed the GENIUS Act stablecoin bill and sent it to the President.
July 18, 2025. President Trump signed the GENIUS Act into law. CLARITY, as the market-structure companion, moved to the Senate for consideration.
Late 2025. Senate Banking Committee held hearings on digital asset market structure through the fall. Chair Tim Scott (R-SC) and Ranking Member Elizabeth Warren (D-MA) began negotiating the compromise language that would eventually become the committee text.
2026: Senate committee action
May 12, 2026. Senate Banking Committee released a 309-page compromise text of the Digital Asset Market Clarity Act. The Senate text incorporated changes to the House version on custody, insolvency treatment, and CFTC-SEC jurisdictional handoff.
May 14, 2026. Senate Banking Committee voted 15-9 to advance the compromise text. Nine Democrats, including Senator Warren, voted against. Warren filed 44 amendments during markup; most were rejected. The bill moved to Senate Agriculture for a companion markup and then to the Senate calendar.
July 2026. Reporting from Axios and MarketsMedia surfaced a delay-provision debate: whether to include a transition window that pushes effective-date compliance out 18 to 24 months after enactment, and whether that window applies to custody, reporting, or both. As of publication, the delay language is under active negotiation and has not been finalized.
Provision-tracking table
The table below tracks core provisions from House introduction through the Senate Banking Committee text. Anything marked "moving" is under active negotiation and may change before a Senate floor vote.
Provision | House H.R.3633 (Jul 2025) | Senate Banking (May 2026) | Status |
CFTC-SEC jurisdiction split | Digital commodities under CFTC; ancillary assets under SEC | Retained with tighter maturity test | Stable |
Insolvency safe harbor | Digital commodity contracts treated as commodity contracts under Bankruptcy Code | Retained, with customer-property clarification | Stable |
Yield ban alignment | Cross-reference to GENIUS Act yield prohibition | Retained | Stable |
Innovation safe harbor | 3-year window for decentralized projects | Retained | Stable |
Qualified digital asset custodian definition | Federal, state, or foreign supervised | Tightened to require SEC or CFTC registration in most cases | Moving |
Effective date and transition window | Not specified beyond standard | 18-24 month transition under debate | Moving |
What is next
Three questions determine the next milestone:
Will the Senate schedule a floor vote before August recess? Advocates for the bill are pushing for pre-recess action; opponents are pushing for delay to allow further amendment.
Will Senate Agriculture markup produce material changes? The Agriculture Committee has jurisdiction over CFTC provisions and could revisit the commodity-contract insolvency language.
Will the House accept the Senate text or demand a conference? If the two chambers pass materially different bills, a conference committee reconciles the versions before final passage. That would push enactment into late 2026 or early 2027.
Until any of those three shifts, operators should treat the current Senate Banking Committee text as the working draft and plan around the stable provisions in the table above.
What operators should do while the timeline moves
Three concrete actions:
Model both timelines. Build a scenario where the bill passes in Q4 2026 with an 18-month transition, and a scenario where it slips to Q1 2027 with a 24-month transition. Custody-partner contracts and product roadmaps should survive either.
Track the stable provisions, not the news. The yield ban, jurisdiction split, and insolvency safe harbor have not moved in either chamber. Plan around those. Custody definitions and transition windows are moving; do not commit product decisions to their current form.
Read the GENIUS Act as the operative law today. GENIUS is signed. Yield restrictions on stablecoin issuers are already in force. Do not wait for CLARITY to make GENIUS-driven changes to your issuer relationships.
Related reading
Sources
H.R.3633 bill text and status: congress.gov/bill/119th-congress/house-bill/3633
House Roll Call 199 (July 17, 2025): clerk.house.gov/Votes/2025199
Senate Banking Committee compromise text and markup record (May 12 and May 14, 2026): banking.senate.gov
GENIUS Act signing statement (July 18, 2025): SEC.gov and whitehouse.gov