What is in the merged CLARITY Act text, and what changed

The Senate released 616 pages merging two committee drafts into one bill. Here is what the combined text actually does, section by section. Summary Senate Republicans released updated CLARITY Act text on July 22, 2026, merging the Banking and Agriculture committee drafts into a single 616-page bill with more than 70 pages of new language, including a government ethics title negotiated with the White House. The bill divides digital assets into three statutory categories: digital commodities overseen by the CFTC, investment contract assets under the SEC, and permitted payment stablecoins governed by the GENIUS Act, with a maturity certification process that lets tokens graduate from securities treatment as their networks decentralize. An ETP grandfather clause permanently classifies tokens that anchored a qualifying exchange-traded product before January 1, 2026, as non-securities, immediately covering Bitcoin, Ether, XRP, SOL, and DOGE without requiring any issuer action. The Blockchain Regulatory Certainty Act, carried intact from the House version, shields non-custodial software developers from money-transmitter obligations and Bank Secrecy Act requirements, while a separate DeFi ...