US Senate schedules procedural vote on Clarity Act for September 15
The US cryptocurrency industry enters September with doubts about the prospects of the Clarity Act, which is intended to establish rules for the digital asset market. Senate Republican Majority Leader John Thune scheduled a key procedural vote on the document for September 15 after the August recess, CNBC Top News reports.
The Clarity Act provides for the creation of comprehensive rules for the crypto market, the division of oversight powers between the US Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC). The bill is also intended to establish registration requirements and strengthen anti-money laundering measures.
Unresolved issues
The Senate did not vote on the bill before the August recess, causing the document to miss the legislative window its initiators had been counting on. Unresolved issues include stablecoin rewards and ethical provisions related to the cryptocurrency interests of President Donald Trump and his family.
Arizona Senator Ruben Gallego, one of two Democrats who supported advancing the bill in the Senate Banking Committee, is working on a bipartisan compromise on ethics rules. According to him, ethics legislation and other issues that remain open must be agreed upon to secure the required 60 votes.
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Regulation without a law
SALT CEO John Darcy said he is pessimistic about the chances of the Clarity Act being passed ahead of the midterm elections. According to CNBC, political groups supporting the crypto industry spent more than $200 million in the 2024 election cycle, helping elect candidates with a more favorable stance on digital assets.
At the same time, industry representatives believe the crypto market can develop without comprehensive legislation. Former Federal Reserve innovation director Sunayna Tuteja drew attention to discussions between the SEC and CFTC about the possibility of resolving some issues through rulemaking. Stellar Development Foundation President Denelle Dixon called for using the next two years to improve existing rules and standards.
Chainlink Labs head of institutional and market development Andrew McCormick noted that formal legislation could provide investors with stable rules regardless of changes in administrations and political parties. OKX board member and former New York Governor Andrew Cuomo warned that if the Clarity Act is not passed before the midterm elections and Democrats gain control of the House of Representatives, it could lead to years of regulatory confrontation between Congress and the Trump administration.
