The CLARITY Act is the first federal bill to draw a permanent line between SEC and CFTC jurisdiction over crypto. It passed the House 294-134, classified 16 tokens including Bitcoin, Ethereum, Solana, XRP, and Cardano as digital commodities under CFTC oversight, and created a decentralization test where no single group can hold more than 20% of token supply or voting power. Senate Majority Leader Thune filed cloture on August 7, setting up a 60-vote procedural showdown on September 15. The framework has support from BlackRock, Fidelity, and Goldman Sachs, but an ethics dispute over President Trump's $1.4 billion in crypto income is blocking the seven Democratic crossover votes needed to advance. Galaxy Research puts passage odds at 30%.