# HBR

The Senate’s Clarity Act is still alive heading into 2026, and while timelines keep slipping, the direction of travel matters more than the delays.
At its core, the bill attempts to solve crypto’s longest-running problem in the US:
What is a security, and what is a commodity?
That single distinction has kept markets in a regulatory gray zone for years.
If passed in any meaningful form, the impact is structural:
Clear classification would allow US exchanges to list assets currently excluded due to legal uncertainty.
It would unlock institutional capital that has been sitting on the sidelines.
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