The U.S. Senate will conduct a procedural vote on the CLARITY bill on September 15. This bill aims to establish a framework for the digital asset market at the federal level, and its supporters associate it with the earlier-established crypto regulatory model in Wyoming.
Lumis focuses on Wyoming experience
Senator Cynthia Lummis stated that Wyoming had established a legal framework for digital asset companies before Congress began discussions on a federal framework. She believes that this approach demonstrates that it is possible for the government to set clear rules while allowing companies to continue operating and financing in the United States.
Since 2018, Wyoming has passed more than twenty laws related to blockchain and digital assets, including a legal definition of on-chain property, and has approved special purpose depository institutions ( SPDI ) to provide state banking license services for digital asset companies.
SEC and CFTC are proposed to divide responsibilities for supervision
The bill proposes to establish a federal classification system for digital assets, and based on this, to determine whether the U.S. Securities and Exchange Commission (SEC) or the Commodity Futures Trading Commission (CFTC) will be responsible for regulation. Digital commodities that meet the criteria will fall under the regulatory scope of the CFTC spot market, while assets and transactions with securities attributes will continue to be governed by the SEC.
According to the draft arrangements, crypto exchanges, brokers, and traders dealing in digital goods will need to register with the federal registry. Some token issuers are also required to disclose their operational status, token holding structures, and blockchain network information.
Developer and Client Asset Terms
The bill also applies to non-hosted software developers, wallet service providers, and blockchain validators. If developers only release or maintain software and do not control customer funds, they generally do not have to fulfill the registration obligations of exchanges or other centralized intermediaries.
In terms of the bankruptcy disposal of the platform, the draft proposes that digital assets held on behalf of customers should be considered as customer property, rather than being incorporated into the company's bankruptcy assets. This arrangement helps to distinguish the customers' holdings from the distributable assets of ordinary creditors.
Pass the procedural requirements by September 15th first.
This vote is not a final approval, but rather a decision on whether the Senate will officially proceed with the bill review process. The relevant motion requires the support of 60 senators for the bill to move on to stages of debate, amendment, and subsequent voting.
The House of Representatives passed the bill in July 2025, and the Senate Banking Committee also advanced related sections in May 2026. If the Senate modifies the text, the House of Representatives will need to pass the same version again before the bill can be sent to the President.
Additional information:US Securities and Exchange Commission Chair Paul Atkins stated that he hopes the bill will continue to progress and ultimately be signed by President Trump. Even though regulatory agencies can establish rules for certain digital assets on their own, congressional legislation can still more clearly define the long-term authorities of SEC and CFTC.
