Summary
The Senate will hold a procedural vote on the CLARITY Act on September 15 after missing its August window, while the SEC advances a parallel crypto rulemaking agenda. Senator Jim Risch issued a statement that the Senate will start the process of passing the CLARITY Act on Sept. 15, and Senate Majority Leader John Thune filed cloture on the motion to proceed, fixing the vote for 2:15 p.m. EDT. Bitwise says the delay puts the bill in a "walking dead" state.
Key Facts
- Senate procedural vote on CLARITY Act set for Sept. 15
- Majority Leader Thune filed cloture on motion to proceed, fixing vote for 2:15 p.m. EDT
- Clearing the procedural hurdle takes 60 votes, requiring at least seven Democrats to join 53-seat Republican majority
- Senator Risch: "On September 15th, the U.S. Senate will start the process of passing the CLARITY Act"
- Bitwise CIO Matt Hougan predicted the bill would enter a "walking dead" state
- SEC Chair Paul Atkins advancing parallel rulemaking on crypto fundraising, custody, tokenized securities
- SEC/CFTC joint Project Crypto includes work on token classifications and potential exemptions
- SEC and CFTC moved first in March with joint guidance that most crypto assets are not securities
- CLARITY Act (H.R. 3633) cleared House 294-134, advanced from Senate Banking Committee 15-9
- Grayscale's Zach Pandl: US risks crypto exodus if CLARITY Act fails
Why It Matters
The CLARITY Act's delayed timeline and the SEC's parallel rulemaking create a complex regulatory environment for US crypto. The "walking dead" state described by Bitwise — legislation that survives politically without reaching final resolution — means uncertainty persists even as the SEC advances interim rules on fundraising, custody and tokenized securities. The SEC's rulemaking can clarify how securities laws apply to crypto assets, establish exemptions, and address custody, but jurisdictional boundaries between SEC and CFTC require congressional action. For the fintech and crypto sector, the outcome determines whether the US establishes a statutory market structure framework (which would clearly divide SEC/CFTC oversight) or relies on a patchwork of agency rules. The September vote and the SEC's parallel track will shape the competitive landscape for US crypto, with Grayscale warning of a potential crypto exodus if the bill fails.