Miller Whitehouse, CEO of the Solana Policy Institute, stated on the 22nd that the U.S. Senate is expected to begin full review of the CLARITY Act around late next month. Speaking at a seminar titled 'Global Digital Asset Institutionalization Trends and the Legislative Direction of the Republic of Korea' held at the National Assembly Members' Hall in Yeouido-dong, Yeongdeungpo-gu, Seoul, Whitehouse said the Senate is anticipated to conduct a comprehensive examination of the CLARITY Act around the end of next month. The CLARITY Act passed the House last year and the Senate Banking Committee voted on the bill on the 15th of last month, leaving only a Senate floor vote before it can become law. Whitehouse noted that while most major bills in the U.S. Senate require 60 votes to pass and discussions may continue into next year, he expects the Senate to formally review the bill around the end of next month.
Senate Banking Committee Approved CLARITY Act on the 15th of Last Month
The CLARITY Act passed the U.S. House of Representatives in 2025 with bipartisan support. The Senate began its own review of the bill in 2026. The Senate Banking Committee voted on the CLARITY Act on the 15th of last month. For the bill to become law, the Senate must pass it, both chambers must agree on a final version, and the president must sign it. Most major bills in the U.S. Senate require 60 votes to pass.
CLARITY Act Distinguishes Securities from Commodities Using Control Standard
The CLARITY Act contains three main components. The first and most important is a clear distinction between the legal categories of securities and commodities. This distinction is critical because the U.S. has two different regulatory systems overseeing financial markets: the SEC (Securities and Exchange Commission) supervises securities, while the CFTC (Commodity Futures Trading Commission) supervises commodities. The bill applies a control standard to make this distinction. The core question is whether a specific individual, company, or affiliated group substantially controls the blockchain network and protocol. If a controlling entity exists, the digital asset is classified closer to a security; if the network is truly decentralized, it is classified as a commodity. The same digital asset can change its legal classification over time. If a development team controls the network in the early stages, sales of the asset may be regulated like securities, but as control disperses and the network becomes truly decentralized, the asset may be treated as a commodity.
The second component regulates the spot market for digital commodities. The spot market refers to the market where the asset itself is bought and sold for immediate delivery, and most digital asset trading currently occurs in the spot market. Currently, no federal regulatory agency in the U.S. oversees the digital asset spot market. The bill fills this gap by granting supervisory authority to the CFTC, bringing the largest segment of the market under federal oversight for the first time. All exchanges, brokers, and dealers operating in this market will be required to register with the CFTC. Customer protection provisions are also introduced, such as requiring separation of customer assets from company assets, limiting conflicts of interest, and mandating clear information disclosure to customers.
The third component allows traditional financial institutions already subject to existing financial regulations to utilize public blockchains. The bill clarifies that banks and similar financial institutions may engage in digital asset activities, including custody services where they hold digital assets on behalf of customers. It also supports tokenization, enabling traditional assets such as stocks and bonds to be directly represented on blockchains. As a result, regulated financial activities can take place on public blockchain networks with legal certainty.
GENIUS Act Enacted in July 2025, Regulations in Preparation
The GENIUS Act is the first federal-level stablecoin regulatory framework in the U.S., enacted in July 2025. The regulations are very strict: all stablecoins must be fully collateralized at a 1:1 ratio with safe, highly liquid reserve assets. Algorithmic stablecoins are not permitted, and stablecoin issuers cannot pay interest to holders. Since the law was enacted, the main focus has been on developing detailed implementing regulations. In the U.S., Congress creates the basic framework and regulatory agencies draft the detailed rules. That work is currently underway, and several regulatory agencies have already published draft regulations covering licensing, reserves, redemption procedures, anti-money laundering (AML), and sanctions evasion prevention. The comment period for these draft regulations is closing as of June 2026. Regarding the timeline, most regulations must be finalized by July 2026, and the law must be fully implemented by January 2027 at the latest.
FAQ
What did Miller Whitehouse say about the CLARITY Act timeline on the 22nd?
Miller Whitehouse, CEO of the Solana Policy Institute, stated on the 22nd at a seminar in Seoul that the U.S. Senate is expected to begin full review of the CLARITY Act around the end of next month. He noted that while most major bills in the U.S. Senate require 60 votes to pass and discussions may continue into next year, he anticipates the Senate will formally review the bill around late next month.
When was the GENIUS Act enacted and what is its current status?
The GENIUS Act was enacted in July 2025 as the first federal-level stablecoin regulatory framework in the U.S. Following enactment, regulatory agencies have been preparing detailed implementing regulations. The comment period for draft regulations is closing as of June 2026, most regulations must be finalized by July 2026, and full implementation is required by January 2027 at the latest.
How does the CLARITY Act distinguish between securities and commodities?
The CLARITY Act applies a control standard to distinguish securities from commodities. The core question is whether a specific individual, company, or affiliated group substantially controls the blockchain network and protocol. If a controlling entity exists, the digital asset is classified closer to a security and supervised by the SEC; if the network is truly decentralized, it is classified as a commodity and supervised by the CFTC.
