The crypto industry’s most-wanted piece of legislation might actually cross the finish line this summer. Coinbase Vice Chair Ryan VanGrack described the CLARITY Act as being “on the one-yard line” during an interview on July 10, suggesting the bill that would finally draw bright lines between digital commodities and securities is tantalizingly close to becoming law.
What the CLARITY Act actually does
The bill, formally designated H.R.3633, attempts to answer the question that has haunted crypto since regulators first started paying attention: is this thing a commodity or a security? The answer determines whether the CFTC or the SEC gets to play referee, and the rules of the game change dramatically depending on which agency holds the whistle.
Specifically, the legislation establishes a federal framework that distinguishes between digital commodities, which would fall under CFTC oversight, and investment contracts, which remain in the SEC’s domain.
The bill cleared the Senate Banking Committee back in May 2026, partly facilitated by negotiations around stablecoin yield provisions. A new draft is expected to drop during the week of July 13-17, with Senate leadership reportedly aiming for a floor vote before the August recess.
