The Howey test is still the operative legal standard for digital asset classification Clarity ACT in the United States.
The CLARITY Act passed the House on July 17, 2025, with a 294–134 bipartisan vote, and cleared the Senate Banking Committee on May 14, 2026, with a 15–9 vote. No full Senate floor vote has been scheduled.
Eleanor Terrett, host of Crypto in America on Fox Business, stated on June 14, 2026 that a July 4 passage target is “realistically impossible.”
Unresolved ethics provisions, the task of merging the Senate Banking and Agriculture Committee versions, and a 60-vote filibuster threshold are the three structural obstacles standing between the current bill and enacted law. Until those clear, nothing about the legal architecture changes.
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CLARITY Act Senate Floor Vote: Where the Bill Actually Stands
The legislative record is precise. The House passed H.R. 3633 eleven months ago. The Senate Banking Committee approved its version on May 14, 2026.
The Senate Agriculture Committee separately passed its companion measure, the Digital Commodity Intermediaries Act, on January 29, 2026. Staff from both committees are now merging those two versions into a unified bill – a process that has no fixed deadline.
The 60-vote filibuster threshold is not a formality. Senator Angela Alsobrooks voted yes in committee but has explicitly conditioned her final floor vote on the addition of ethics provisions.
That one holdout is enough to signal that the vote count is not yet locked. The North American Securities Administrators Association has formally opposed the bill, arguing it weakens investor protections – adding external pressure on fence-sitting senators.
The operative consequence of all this is straightforward: committee votes do not reclassify tokens. Statutory reclassification requires enacted law. The CLARITY Act’s legislative momentum is real, but momentum and legal effect are different things.
The SEC’s enforcement posture has not changed because it legally cannot change until the bill is signed.
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