Points of Focus

• Senate committees plan January markup for the House-passed CLARITY Act.
• Bill would redraw U.S. crypto oversight between the SEC and CFTC.
• Timing, amendments, and vote math remain the main risks.

The Digital Asset Market Clarity Act is moving into its next phase. A Senate markup is expected in January, according to David Sacks, the White House’s AI and crypto policy lead. Sacks said Senate Banking Committee Chair Tim Scott and Agriculture Committee Chair John Boozman confirmed the plan, setting up the first formal Senate debate on the bill after months of delay.

We had a great call today with Chairmen @SenatorTimScott and @JohnBoozman who confirmed that a markup for Clarity is coming in January. Thanks to their leadership, as well as @RepFrenchHill and @CongressmanGT in the House, we are closer than ever to passing the landmark crypto…

— David Sacks (@davidsacks47) December 18, 2025

If the timeline holds, you are looking at the first real test of whether Congress can finish a long-running effort to set clear federal rules for crypto markets.

Senate markup sets stage for crypto market structure debate

The CLARITY Act cleared the House in July 2025 and now heads to Senate committees, where lawmakers can amend and reshape the text before sending it to the full chamber. Markup is a critical step. It determines how much of the House language survives and which compromises are needed to secure votes.

Sacks framed the moment as a near-final push, citing backing from Senate leadership on both the banking and agriculture panels. The goal is to move the bill through committee early in the new year and toward a floor vote soon after.

What the CLARITY Act would change for crypto oversight

At its core, the bill aims to settle a question that has defined U.S. crypto policy for years: which regulator is in charge.

The legislation would:

• Draw clearer lines between crypto securities and digital commodities.
• Shift primary oversight of most spot crypto markets to the Commodity Futures Trading Commission.

• Narrow the gray areas that have driven enforcement-by-lawsuit at the Securities and Exchange Commission.

Supporters argue that clearer definitions would give firms a workable compliance path while keeping investor protections in place. The appeal is predictability. Firms can plan around clearer rules, and investors gain a better understanding of which standards apply to different parts of the crypto market.

Delays, shutdowns, and ongoing industry talks

Progress has been slower than many expected. Senator Cynthia Lummis said in September 2025 that the bill could reach President Donald Trump’s desk before year-end. That did not happen.

A record 43-day U.S. government shutdown across October and November stalled formal legislative work. Even so, regulators continued meeting with crypto firms during that period, including Coinbase, Ripple, Circle, and others, to keep discussions alive.

Sacks’ update confirms what had been widely anticipated: the Senate process slipped into the new year.

What happens next if the Senate amends the bill

The Senate path remains narrow. Leadership will need a supermajority to prevent the bill from stalling. Any amendments passed in markup would send the bill back to the House for another vote before it could reach the president.

January markup keeps the CLARITY Act alive. It does not guarantee passage. The coming weeks will show whether bipartisan support can survive detailed scrutiny or whether crypto market structure remains unresolved in Washington for another cycle.