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CLARITY Act moves to protect self-custody as a separate Bitcoin bill is stalled
The Senate rewrote the CLARITY Act after House passage, replacing the full 256-page bill with a new version starting on page 257, according to Bitcoin Magazine.
House Republicans advanced three crypto bills during a coordinated “Crypto Week” in July 2025, including the GENIUS Act, the CLARITY Act, and the Anti-CBDC Surveillance State Act, but only GENIUS was quickly signed into law while CLARITY and Anti-CBDC moved more slowly, according to Bitcoin Magazine.
While the Anti-CBDC Surveillance State passed the House by a narrow margin, it remained in Senate “purgatory” without a floor vote for more than a year. The CLARITY Act cleared the House on a bipartisan basis and then sat in the Senate Banking Committee for nearly a year before emerging.
Bitcoin Magazine says that when the CLARITY Act left committee, its text was substantially changed, with the Senate version instructing lawmakers to strike everything after the enacting clause and insert the italicized language. The outlet notes that in the current Congress website version, the entire 256-page House-passed bill is struck through line by line, and a new Senate version begins on page 257.
A key component highlighted is Section 605, the “Keep Your Coins Act,” which would prohibit federal regulators from restricting or impairing a person’s ability to self-custody for lawful purposes. The article also points to a 2020 FinCEN proposal, reportedly directed by Treasury Secretary Steven Mnuchin, that would have targeted unhosted wallets and required exchanges to collect identity and address information for transfers beyond certain daily thresholds, even though the rule never fully took effect and later lingered on the books.
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