CLARITY Act outlines foreign-adversary risk rules and a SEC/CFTC split for crypto

The Digital Asset Market Clarity Act (CLARITY Act) proposes a broader U.S. framework that separates certain investment-contract assets under SEC oversight from digital commodities under CFTC oversight via a decentralization certification pathway. It keeps Bank Secrecy Act duties, FinCEN authority, and Treasury sanctions tools in place, while calling for studies on foreign-adversary risks tied to digital-asset intermediaries. On May 28, 2026, Senators Elizabeth Warren and Cynthia Lummis published opposing views on whether the bill would weaken illicit-finance safeguards or improve consumer protections in bankruptcies.