CLARITY Act explicitly states that permitted payment stablecoins are not securities and places their transactional oversight under the existing regulatory agency supervising the relevant firm

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The bill also requires crypto platforms to be regulated as financial firms under the Bank Secrecy Act; exempts certain decentralized finance (DeFi) operations and wallet providers from SEC oversight; bans future efforts of regulators to force custody firms to hold their customers' assets on their own balance sheets as the SEC staff sought to do under a now-scrapped accounting stance; and puts some transactional authorities over payment stablecoins — which are clearly stated to not be securities — in the hands of whichever regulator already oversees the firm involved in the activity

Per its latest language, any digital asset “intrinsically linked to a blockchain system” should be considered a digital commodity, so long as it is used, for instance, to “transfer value between participants in the blockchain system.” That definition covers the vast majority of popular cryptocurrencies, including Ethereum, Solana, Cardano, XRP, and Dogecoin.