U.S. Treasury Secretary urges signing of the "Clear Act," SEC confirms readiness for implementation

After more than five years of congressional stalemates and industry debate, the U.S. crypto asset regulatory framework is about to cover the last hundred meters. On April 9, 2026, U.S. Treasury Secretary Scott Bessent (Scott Bessent) publicly spoke out on social media, urging the Senate Banking Committee to immediately begin the review process for the “CLEAR Act,” sending the bill to President Trump’s desk for signature. Minutes later, Paul Atkins, Chairman of the U.S. Securities and Exchange Commission (SEC), replied that “Project Crypto,” led by the SEC and the Commodity Futures Trading Commission (CFTC), is ready—once Congress completes legislative action, the two regulators can immediately move into the implementation stage of the bill.

This coordinated signal between the executive and legislative branches marks that U.S. crypto regulation has officially moved from the long-running legislative debate phase into a countdown cycle for real-world enforcement. For the global digital asset market of roughly $2 trillion to $3 trillion, the arrival of this moment means that more than a decade of regulatory vacuum is about to come to an end.

High-level signals intensify

On April 9, 2026, Treasury Secretary Bessent posted on his official social media account, saying: “For the past five years, Congress has been trying to develop a framework to bring the future of finance back home. Now it’s time for the Senate Banking Committee to hold deliberation sessions and submit the ‘CLEAR Act’ to President Trump for signature. Senate time is precious—this is the moment to act.”

Bessent also further elaborated on his stance through a column article. He positioned the “CLEAR Act” as a natural extension of the “GENIUS Act”—the latter was signed into law by President Trump in July 2025, establishing a regulatory framework for USD stablecoins; while the “CLEAR Act” is intended to provide a legal foundation for broader market structures such as tokenized assets and decentralized trading platforms.

Almost at the same time, SEC Chairman Atkins, in his response, stated clearly: “The design goal of Project Crypto is that once Congress takes action, the SEC and CFTC will be ready to implement the ‘CLEAR Act.’ Bessent is right: it’s time for Congress to make future plans to guard against runaway regulation, and to advance comprehensive market-structure legislation to President Trump’s desk.”

This exchange reveals a key message: the two core regulatory agencies in the executive branch—the SEC and the CFTC—not only have completed preparations ahead of the bill’s implementation, but have also completed an institutionalized layout for cross-agency coordination. Once the bill is signed, the regulatory machinery will start up immediately.

Legislative timeline: from House passage to implementation

The legislative process for the “CLEAR Act” (Digital Asset Market CLARITY Act, H.R.3633) has crossed nearly one year, and its timeline is clear:

• July 17, 2025: The bill passed in the House by a bipartisan vote of 294 to 134, establishing the basic framework for the division of responsibilities between the SEC and the CFTC.
• September 18, 2025: The bill was transferred to the Senate and moved into the Senate review stage.
• January to March 2026: Due to disputes over stablecoin yield provisions, the Senate review was repeatedly postponed; the bill was shelved in the Senate Banking Committee for several months.
• March 19, 2026: Senator Cynthia Lummis revealed at the Washington blockchain summit that the Senate Banking Committee is expected to hold hearings on the bill in late April.
• April 9, 2026: Treasury Secretary Bessent and SEC Chairman Atkins spoke out at the same time, injecting political momentum into the bill’s progress.
• Current status: The Senate Banking Committee’s review has not yet begun. The bill needs to pass committee approval, then receive a full Senate vote, and only then be submitted to the President for signature.

From the perspective of timing, the legislative window for the “CLEAR Act” is being squeezed by pressure from the midterm election cycle. With the midterm election in November 2026 approaching, Republicans currently hold a narrow majority in the House with 218 seats to 214. If the election results lead to a change in control of Congress, the crypto legislative process could be shelved again. This political reality is a core driver behind the acceleration efforts by Bessent and others.

At the same time, it is necessary to distinguish a key point: the President’s signature is not the end of regulation, but the starting point for the enforcement phase. Atkins emphasized that the SEC and CFTC are “ready,” meaning that once the bill is signed, regulatory implementation will connect seamlessly. This sharply contrasts with the convention in which many past laws required months or even years after signing before fully being implemented and enforced.

Core framework of the bill: division of authority between SEC and CFTC

The core mission of the “CLEAR Act” is to draw clear jurisdictional boundaries between the SEC and the CFTC. According to a fact sheet released by the Senate Banking Committee, the bill defines a “bright line” to determine SEC and CFTC jurisdiction, while replacing the previous model of “using enforcement in place of regulation” with an operational statutory framework.

Under the bill, regulatory classification will divide digital assets into several categories. Among them, “digital commodities” are defined as “cryptographic assets intrinsically linked to and deriving value from the programmatic operation of cryptosystems.” Approximately 70% of digital assets will fall under CFTC jurisdiction, while tokens with clear securities characteristics will be assigned to SEC regulation.

In addition, the bill also addresses the following core issues:

• Establishing registration pathways and custody standards for trading platforms and intermediaries;
• Clarifying the boundary of protections for software developers and peer-to-peer activities;
• Setting regulatory requirements based on control rather than the code layer, to leave room for DeFi innovation;
• Raising standards for audits and reserve management for stablecoin issuers.

If passed, the bill’s direct effect will be to replace the current ambiguous “enforcement-driven” regulatory model with a clear rules framework. The SEC’s prior reliance on case-by-case determinations using the Howey test will be replaced by statutory classification standards. The memorandum of understanding (MOU) signed by the SEC and CFTC on March 11, 2026, and the joint interpretive guidance issued on March 17 have paved the technical road for this institutional transition. The two agencies have committed to coordinate regulation across six core areas, including joint interpretation, rulemaking, and development of a dedicated digital asset framework.

It is worth noting that the final implementation details of the bill still need to be clarified. Most publicly available information currently comes from the Senate Banking Committee’s fact sheet. The specific provisions of the bill—especially those related to DeFi and stablecoin yield provisions—are still being negotiated within the Senate, and the final version may be adjusted.

Implementation readiness: Project Crypto and the regulatory infrastructure

On January 29, 2026, the SEC and CFTC announced that “Project Crypto” would be upgraded into a joint agency initiative. In that day’s public statement, the two chairpersons jointly said that the goal of Project Crypto is “to ensure that once Congress takes action, the U.S. can strengthen its global financial leadership,” including creating a “reasonable implementation roadmap” and providing compliant participants with a “clear regulatory access pathway.”

In March 2026, the joint preparatory work between the SEC and CFTC made substantial progress: on March 11, they signed an MOU to establish an institutional framework for cross-agency coordination; on March 17, they issued joint interpretive guidance clarifying how federal securities laws apply to crypto assets. At the same time, the SEC’s proposed “Reg Crypto” framework was submitted to the Office of Information and Regulatory Affairs (OIRA) for review by the White House. The proposal includes three sets of exemption rules—startup exemptions, fundraising exemptions, and an investment contract safe harbor.

Meanwhile, the SEC also made a major adjustment in its enforcement strategy. In fiscal year 2025, the SEC withdrew seven previously initiated crypto-related enforcement actions, including cases involving Coinbase and Kraken, citing “a lack of sufficient federal securities law basis.” Concurrently, overall SEC crypto enforcement actions declined by about 22%, shifting its focus toward combating substantive fraud.

The actions by these agencies send a clear signal: the SEC and CFTC are not passively waiting for Congress to enact legislation; they are proactively building the infrastructure needed to implement the bill. The joint advancement of Project Crypto, the signing of the MOU, the issuance of joint interpretive guidance, and the White House review of the “Reg Crypto” framework—all of these steps form the “execution-end” preparation for the bill’s rollout.

It is also worth noting the shift in enforcement strategy. The SEC’s enforcement logic has moved from “promoting compliance through enforcement” to “limited to fraud only,” which sharply contrasts with the broader enforcement approach under Gary Gensler’s era. This change reduces legal risk for projects not directly involved in fraud, easing—at least to some extent—the crypto industry’s anxiety about regulatory uncertainty.

Industry impact analysis: dual-track system and structural adjustments

Based on currently available information, once the “CLEAR Act” is implemented, it will likely produce a clear “dual-track regulatory system”:

• First track: A crypto-native company regulatory framework based on the “CLEAR Act,” with jurisdiction divided between the SEC and the CFTC;
• Second track: A bank participation framework based on the “GENIUS Act,” allowing federally regulated banks to issue stablecoins and participate in crypto-related business.

The FDIC’s meeting on April 7, 2026 regarding banks issuing stablecoins, and the Federal Reserve’s decision in August 2025 to terminate its “New Activities Supervision Program,” both indicate that regulatory pathways for traditional financial institutions entering the crypto space are opening. The decision by the Fed to end the new activities supervision program means banks’ crypto activities will return to standard regulatory procedures rather than being subject to special additional scrutiny.

However, it should be noted that the crypto industry’s reaction to regulatory clarity is not uniformly optimistic. Some analyses point out that clarity itself might create a “gilded cage” effect—rising compliance costs may suppress innovation in the DeFi field, and strict custody and audit requirements may force smaller projects to exit the market. Bessent himself, while pushing the bill forward, has acknowledged that the industry needs to prepare for compliance requirements that “may increase operating costs.”

From the perspective of the market competitive landscape, the “CLEAR Act” could accelerate industry reshuffling. Large institutions with compliance resources and legal teams will adapt to the new rules more quickly, while smaller crypto-native projects may face higher compliance barriers. Whether this divergence will lead to increased industry concentration and reduced innovation momentum is a dimension that will need ongoing observation.

Multi-scenario evolution projections

Based on current information and verifiable logic, the following projection outlines the industry development paths under two main scenarios: the bill being implemented and the bill not being implemented.

Scenario 1: The bill is signed and implemented within 2026

• Near-term impact (1 to 3 months after signing): The SEC and CFTC are expected to quickly publish implementation rules, providing clear registration pathways for exchanges, custodians, and token issuers. The likelihood of institutional capital flowing into the crypto market may increase. However, higher compliance costs could lead some smaller projects to exit or shift to offshore operations.
• Mid-term impact (6 to 12 months after signing): The U.S. crypto market will gradually shift from “regulatory arbitrage” to “compliance-driven” regulation. As a counterpart to the EU’s MiCA framework, overseas projects may reassess their U.S. market entry strategies. Innovation in DeFi could shift from “evading regulation” to “compliance innovation.”
• Long-term impact (2 to 3 years after signing): The U.S.’ influence in setting global crypto regulatory standards is expected to strengthen, and the vision of “building on U.S. tracks” may be realized to some extent.

Scenario 2: The bill is shelved in the Senate or fails to pass

• Near-term impact: The market may face a confidence shock. Joint guidance from the SEC and CFTC may provide some clarification, but without statutory backing, the sustainability of the regulatory framework remains questionable. Whether withdrawn enforcement actions will be reactivated by a future administration creates uncertainty.
• Mid-term impact: Crypto innovation continues to flow to clearer jurisdictions such as Abu Dhabi and Singapore. The U.S.’ share in the global crypto market may decline further. Some large institutions may delay or adjust their crypto plans in the U.S.
• Long-term impact: There is significant uncertainty about whether the next Congress (2027 to 2028) will restart the crypto legislative agenda. The U.S. could continue to remain in a regulatory vacuum for years and lag behind economies that have already established clear frameworks in the global crypto regulatory race.

These projections assume that controversial provisions in the bill—including those related to stablecoin yields, DeFi protections, and illegal financial activities—have reached a compromise. If new major disagreements emerge during Senate deliberations, the probability of Scenario 1 occurring will drop significantly, requiring a reassessment of the projection logic.

Conclusion

From Treasury Secretary Bessent’s public push to SEC Chairman Atkins’ immediate response, from the cross-agency layout of Project Crypto to the systematic adjustment of enforcement strategy, the “last hundred meters” of U.S. crypto regulation is moving forward at an accelerated pace. The Senate Banking Committee’s review will be the final hurdle that determines whether this process can be completed—if the bill passes the committee smoothly and is submitted for a full Senate vote, the U.S. will officially say goodbye to more than a decade of crypto regulatory vacuum.

But regulatory clarity is not the endpoint; it is the starting point for rebuilding the industry’s operating logic. Under the dual-track system, compliance costs, the pressure from institutionalization on the innovation ecosystem, and the competitive game between the U.S. and other global regulatory systems will all shape the crypto market landscape in the post-“CLEAR Act” era. The countdown bell for regulatory implementation is about to ring, and the industry’s true test has only just begun.