On 14 May 2026, the US Senate Banking Committee advanced the Digital Asset Market Clarity Act by a vote of 15 to 9. The bill splits oversight of digital assets between the SEC and the CFTC. It still needs to be merged with the Senate Agriculture Committee version before a floor vote requiring 60 votes, with backers aiming for passage before 4 July 2026.
The journey illustrates the mechanics of American lawmaking: in the Senate, market oversight belongs to two committees, Banking for the SEC and Agriculture for the CFTC, a historical legacy of agricultural futures markets. Each produces its own version of the text, which must then be reconciled. And to overcome a filibuster, the final vote requires a qualified majority of 60 out of 100, hence support from both parties.
On substance, the bill must settle who regulates what: which digital assets fall under securities law, which under commodities law, and under what conditions a project can move from one category to the other. Bitcoin, generally treated as a commodity, would remain under CFTC oversight.
Worth following: the merger of the two versions of the text, the vote count on the Senate floor, and whether the 4 July target holds, a timeline most observers consider ambitious.