U.S. Senate Panel Advances CLARITY Act, Setting SEC-CFTC Split and Crypto Rules

On May 14, the Senate Banking Committee voted 15-9 to advance the Digital Asset Market Clarity (CLARITY) Act, outlining how U.S. regulators would oversee crypto markets. The bill would clarify SEC and CFTC roles, create a joint advisory committee, and set frameworks covering DeFi decentralization tests, stablecoin reward limits, and tokenized securities treatment.