The CLARITY Act tries to fix that by spelling out which regulator has authority over which type of digital asset. Read also: Senate Clarity Act Vote Pushed Past August Recess by ThuneThune hasn’t decided yet whether to file cloture before the recess. Frequently Asked Questions What is the CLARITY Act and what does it do? The CLARITY Act is proposed legislation that would create a federal framework for digital asset markets, specifically dividing regulatory oversight between the SEC and the CFTC. Why was the Senate vote on the CLARITY Act delayed?