Senate Banking Committee drops 309-page Crypto Clarity Act draft — SEC and CFTC roles locked in!

The US Senate Banking Committee has released an updated draft of the Crypto Clarity Act, clocking in at 309 pages — up from the 278-page version published in January. The core regulatory architecture remains intact: the SEC retains oversight of many crypto token sales, while the CFTC governs most secondary-market trading once tokens are already circulating.

The new draft adds meaningful investor-protection teeth, including explicit SEC antifraud and insider-trading authority over certain crypto offerings. The stablecoin section draws a clear line against bank-style yield on payment stablecoins held in accounts, while preserving rewards tied to genuine on-chain activity — staking, liquidity provision, governance participation, and loyalty programs all survive the cut.

The tokenization section was tightened, narrowing away from broad 'real-world assets' language toward a more focused…