Canada’s Clarity Act Back in the Spotlight: How Renewed Secession Talk Could Reshape the Nation

The U.S. House of Representatives has voted 232-198 to advance the Cryptocurrency Legal Accountability, Regulation, and Investment Transparency for You (CLARITY) Act, the centerpiece of a three-bill “Crypto Week” that also features the GENIUS Act and the Anti-CBDC Surveillance State Act. If enacted, the CLARITY Act would create the nation’s first comprehensive market-structure framework for digital assets by: • Defining most fungible tokens that meet a decentralization test as “digital commodities” supervised by the Commodity Futures Trading Commission (CFTC). • Reserving securities jurisdiction for the Securities and Exchange Commission (SEC) over tokens that confer profit rights or significant managerial control. • Establishing a federal licensing regime for centralized exchanges and custodians, including strict customer-asset segregation and proof-of-reserves mandates. • Ordering the Treasury Department to draft uniform anti-money-laundering (AML) rules for decentralized finance (DeFi) platforms within 18 months. Supporters led by House Financial Services Chair Patrick McHenry argue the bill “finally ends the turf war between the SEC and CFTC and brings crypto firms back onshore,” predicting “tens of billions in capital formation” once regulatory uncertainty lifts. Industry groups such as the Blockchain Association and the Chamber of Digital Commerce immediately praised the vote, calling it a “watershed moment for American Web3 leadership.” Progressives remain wary. In a fiery floor speech, Rep. Ayanna Pressley branded the measure a “green light for corruption” that would “shield crypto giants from basic consumer-protection lawsuits while Main Street investors eat the losses”. House Democrats ultimately split 45-157, with most objecting to a late amendment that prevents the SEC from retroactively classifying previously issued tokens as unregistered securities. Market watchers see the bill’s Senate prospects hinging on Banking Committee Chair Sherrod Brown, who has not committed to holding a markup. Still, Senate Republicans say they will try to fold the text into the upcoming financial-services minibus. Lobbyists note that half of the upper chamber is up for reelection in 2026, giving lawmakers a political incentive to appear pro-innovation. Meanwhile, the House will vote Friday on the GENIUS Act—focused on stablecoin issuance standards—and the Anti-CBDC Surveillance State Act, which would bar the Federal Reserve from launching a retail central-bank digital currency. Together, the trio aims to cement the United States’ position as a leading jurisdiction for blockchain enterprises while addressing bipartisan privacy and consumer-protection concerns. Crypto markets reacted with cautious optimism: Bitcoin added 3 % on the day, while Coinbase and Robinhood shares climbed 5 % and 4 %, respectively. Analysts at JPMorgan say full passage could unlock “a new wave of institutional participation” but warn that the SEC “will continue to scrutinize token listings aggressively” until Senate action is clear. Where the Clarity Act Goes Next • Senate Banking Committee hearings expected as early as September. • Treasury to publish initial rulemaking outline within 60 days of enactment. • Exchanges will have a one-year transition window to obtain federal registration. For now, digital-asset companies, venture investors, and retail traders are bracing for a pivotal legislative showdown that could finally deliver the regulatory certainty the U.S. crypto sector has sought for more than a decade.