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The Senate Banking Committee is set to vote Thursday on the Clarity Act, a long-running market-structure bill that would draw clearer lines between the SEC and CFTC over digital-asset oversight. TD Cowen framed the moment as procedural rather than substantive: the fight now shifts to the full Senate, where major obstacles remain before the bill can become law.
Why it matters
A committee vote is the cheapest step in the legislative process. Banks and Senate Democrats have raised objections to several provisions, and TD Cowen noted that the rollout "is why we see this vote as shifting the fight to the full Senate rather than as a deal." Until those objections are addressed, the bill's path through the chamber is unclear.
Market impact
Procedural momentum without substantive progress is the kind of headline that lifts crypto names on rumor and gives them back on reality. Traders watching $BTC and $ETH will read the Thursday vote as confirmation that no framework deal is imminent — a reminder that regulatory clarity in the US remains a 2026 story at best, not a 2025 one.
Frequently asked questions
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What is the Clarity Act?
The Clarity Act is a digital-asset market-structure bill that would draw clearer jurisdictional lines between the SEC and CFTC over crypto oversight. The Senate Banking Committee is set to vote on it Thursday.
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Why does TD Cowen call the committee vote procedural?
TD Cowen framed the Thursday vote as shifting the fight to the full Senate rather than as a deal, noting that major obstacles remain before enactment — chiefly bank and Democratic objections.
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Which crypto assets does the bill affect?
The Clarity Act addresses US digital-asset market structure broadly, with implications for spot and derivatives oversight of $BTC, $ETH, and other major tokens traded on regulated venues.
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What are the main objections to the Clarity Act?
Banks and Senate Democrats have objected to several provisions in the bill. TD Cowen said those objections are why the vote does not signal an imminent deal.
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When could the Clarity Act become law?
Even if the bill clears committee Thursday, it still faces a divided full Senate and likely further negotiation. TD Cowen's read suggests enactment remains a 2026 question at earliest.
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