House passes sweeping crypto market structure bill
Add Axios as your preferred source to
see more of our stories on Google.
Illustration: Sarah Grillo/Axios
The House on Thursday passed legislation to establish the first comprehensive set of rules for the cryptocurrency industry.
Why it matters: It's an initial legislative win for cryptocurrency backers and a major step toward offering long-awaited guidance to an industry often compared to the Wild West.
- The Digital Asset Market CLARITY Act spells out the lanes of responsibility for regulatory oversight of digital assets.
- It also establishes a new category of registered digital assets, flashing a green light for traditional finance.
- The vote tally was 294-134, with 78 Democrats joining Republicans in voting "yes."
Yes, but: The bill faces a tougher road in the Senate, where lawmakers are in the early stages of drafting their own version and are likely to seek significant changes.
- While the measure picked up some Democratic support in the House, some Senate Democrats want the bill to specifically address President Trump and his family's investments in crypto.
- David Sacks, the White House's crypto czar, is urging the Senate to pass the CLARITY Act by the end of September.
What we're watching: The political organizations pushing the crypto agenda have made clear their support for the measure — and the political muscle they're poised to put behind it.
- On Monday, the Cedar Innovation Foundation put out a statement saying that CLARITY is Congress's most important vote this year.
- On Tuesday, pro-crypto PAC Fairshake and its related PACs announced that they already have $141 million in cash-on-hand for 2026.
- "We are building an aggressive, targeted strategy for next year to ensure that pro-crypto voices are heard in key races across the country," Josh Vlasto, Fairshake's spokesperson, said in a statement.
Catch up fast: Last year, the House sent similar legislation, known as Fit21, to the Senate, where it died.
- 71 Democrats supported that measure.
Zoom out: The legislation was part of House Republicans' "Crypto Week," which included consideration of two other major digital asset bills.
- But a rebellion from right-wing hardliners stalled action for much of the week.
