The procedural path ahead is narrow. The bill must clear the Senate Agriculture Committee (CFTC jurisdiction) and Senate Banking Committee (SEC jurisdiction) before a floor vote. Chairman Lummis has scheduled a markup for the week of July 28; Ranking Member Debbie Stabenow has not committed to a timeline. In the House, the Financial Services Committee passed a companion bill last Congress, but Republican leadership has not scheduled a markup this session. A congressional aide familiar with negotiations said the "most realistic vehicle" is attachment to the must-pass Financial Services appropriations bill in September. If that fails, the legislation dies at sine die adjournment in January 2027.

• SEC Chair Paul Atkins explicitly endorsed the Crypto Clarity Act, the first sitting chair to back comprehensive digital-asset market-structure legislation.

• The bill would designate bitcoin a commodity under CFTC jurisdiction while creating a registration pathway for combined exchange-broker-clearing venues.

• Senate Agriculture Committee markup is scheduled for the week of July 28; the most realistic path to law is attachment to the September appropriations bill.

• Coinbase, Kraken, and Robinhood Crypto face active SEC enforcement actions that would be partially mooted by passage.