The House vote on the CLARITY Act has moved toward September, leaving exchanges, token issuers and institutional desks without the fast policy answer they wanted. The bill matters because it aims to define how digital assets are divided between securities and commodities oversight.
For crypto firms, timing matters almost as much as the final wording. Compliance teams need to know which regulator will lead, what disclosures will be required and how existing tokens will be treated under the new structure.
Markets are not reading the delay as a full reversal. Instead, it keeps a policy premium in prices: traders can still buy the long-term regulatory story, but they have to wait longer for confirmation.