The House passed the CLARITY Act by 294-134 in July 2025. However, the Senate rejected a procedural motion to advance it on September 15, 2026, by 49-50, short of the required 60 votes. Senator Thom Tillis subsequently filed a motion to reconsider, leaving another vote possible.
The bill would establish a framework for crypto trading, dividing oversight between the SEC and CFTC. Giancarlo described their jurisdictional dispute as being “less about good regulation and more about turf.” He also praised cooperation between SEC Chairman Paul Atkins and CFTC Chairman Michael Selig.
Moreover, Giancarlo called for full bipartisan commissions at both agencies, saying regulators benefit from different viewpoints when developing rules. “I'm a big believer in a full commission structure,” he said.
Meanwhile, negotiations to revive the CLARITY Act remain unresolved. Congress could reconsider the legislation before its term ends on January 3. If lawmakers fail to pass it, the next Congress would need to introduce new legislation and restart the approval process.
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