Wyoming Senator Cynthia Lummis is once again pushing a landmark crypto bill toward the Senate floor. The CLARITY Act is scheduled for a vote on September 15, 2026, and will require a minimum of 60 votes to advance to the next legislative stage. The Senate vote could potentially take the regulatory standards pioneered in the state of Wyoming and apply them across the entire United States.
Wyoming has passed more than two dozen laws related to digital assets and blockchain technology since 2018. Among the state’s notable legal frameworks is the creation of Special Purpose Depository Institutions (SPDIs). Lummis now envisions a similar legal framework serving as the foundation for nationwide crypto regulation.
20 Percent Threshold Decides Asset Status
The 257-page proposal, spanning six main titles, aims to resolve jurisdictional disputes between two federal regulatory agencies. The CLARITY Act would establish federal categories for digital assets to delineate authority between the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC). Crypto assets that meet the criteria for digital commodities would fall under direct CFTC oversight, specifically for spot market transactions.
Meanwhile, the SEC would retain regulatory authority over crypto assets classified as securities. Determining that status relies on network decentralization metrics. The CLARITY Act sets a 20% control threshold to assess the maturity of a blockchain network. If developers maintain control exceeding that threshold, the asset would likely fall under SEC jurisdiction.
The bill also includes legal protections for underlying infrastructure providers. Non-custodial software developers, digital wallet providers, and blockchain validators are exempt from mandatory registration requirements. These carve-outs separate purely technical actors from the regulatory obligations imposed on exchanges or third-party custodians.
Status of Customer Funds During Exchange Collapses
In response to a wave of crypto exchange bankruptcies in recent years, the CLARITY Act establishes asset ownership protections. If a service provider or custodian goes bankrupt, crypto assets held on behalf of users must strictly be treated as customer property. These assets are barred from being pooled into the company’s general bankruptcy estate to pay off other institutional creditors.
The legislative path forward began opening up last year. The US House of Representatives passed the CLARITY Act in July 2025 with a 294-134 vote. The House passage included support from 78 Democratic lawmakers.
That bipartisan support provides momentum heading into the 60-vote threshold hurdle in the Senate this month. The September 15 vote will determine whether Wyoming’s pioneering model is ready for nationwide adoption across the United States.
Reported by crypto.news.
Previously: SEC Chair Says CLARITY Act Advances on September 15 - Why Prediction Markets Only Give It a 49% Chance?
Disclaimer: This article is for informational and educational purposes only, not financial advice. Cryptocurrency assets are highly volatile and carry significant risk. Always do your own research (DYOR) and never invest more than you can afford to lose.
