SEC Chair Paul Atkins hopes the CLARITY Act will move through the Senate within two weeks as lawmakers prepare for a Sept. 15 cloture vote. The procedural test could determine whether the delayed crypto market structure bill reaches floor debate.
The Senate schedule says the motion involving H.R. 3633 will ripen at 2:15 p.m. ET. Senators will decide whether to end the procedural delay and begin considering the measure.
Why the CLARITY Act Faces a 60-Vote Senate Hurdle
Cloture requires 60 votes. Republican senators number 53; therefore, they have to get the support of Democrats. Majority Leader John Thune put forward the motion before the lawmakers went on the August recess.
Lack of the required 60 votes will mean the failure of the bill under the existing agenda.
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Atkins noted that the SEC is working on creating exemptions for fundraising and crypto-related actions. It was collecting comments from the public on that matter before introducing its final rules. He pointed out that the securities laws already in force were an option; however, the adoption of legislation could provide the framework with a stronger legal background.
The bill was approved in the House of Representatives by 294-134 votes in July 2025. In May 2026, the Senate Banking Committee adopted its version with 15-9 votes. There were two Democrats voting together with 13 Republicans.
The process of approving the bill was slowed down again as the senators left Washington in August without holding a floor vote. Senate leaders postponed the procedural vote until September. Thus, the bill remained alive yet got little time for delay.
The CEO of SALT, John Darsie, expressed his doubts that Congress could adopt the bill this year. However, Kalshi traders estimated the chances for it to become law in 2026 at 49%.
What the CLARITY Act Would Change
Under the bill, the SEC and the Commodity Futures Trading Commission would share oversight of digital assets. The SEC would be in charge of tokens considered to be securities or investment contracts. On the other hand, the CFTC would handle qualifying digital commodities and certain aspects of the spot market.
Crypto businesses would be required to register under the proposal and adhere to anti-money laundering requirements. This proposal is also concerned with customer asset segregation, conflict-of-interest disclosures, and trading platform compliance.
Several issues have yet to be sorted out. Senators are currently disputing stablecoin rewards, safeguards for decentralized finance innovators, and ethical guidelines for government officials with crypto connections.
A Senate Banking Committee draft permitted rewards based on customer activity. Nevertheless, it banned passive yield earned just by owning stablecoins. It did not include any ethics-related provisions.
How Regulators Could Act Without Congress
Regulation of crypto assets was proposed by the SEC on Aug. 18. It featured exemptions of $5 million for startups and $75 million for fundraising exemptions, along with a safe harbor provision for tokens meeting certain criteria.
According to Atkins, agency regulations would lack the permanence offered by legislation since SEC leadership at some point in the future could change them again.
CFTC Chair Michael Selig stated that his agency would keep working on digital assets regulations according to the authority provided in the law.
The SEC is also contemplating measures relating to tokenizing relief and updating transfer-agent requirements for blockchain property ownership.
The CLARITY Act depends on the procedural vote on Sept. 15. Even after securing cloture, senators will have to debate the legislation, amend it, and finally pass it.
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