Business & Finance
Crypto market structure bill faces steep hurdles ahead of September Senate vote
Despite regulatory easing under the Trump administration, the proposed Clarity Act is widely expected to fail as the Senate approaches a key procedural deadline.
The short version
- Senate Majority Leader John Thune has scheduled a critical procedural vote for the Clarity Act on September 15, following a missed voting window during the August recess.
- The comprehensive crypto legislation faces significant roadblocks, including unresolved issues regarding stablecoin rewards and ethics provisions tied to President Trump's family business interests.
- While industry executives are pessimistic about the bill's passage, many note that regulatory agencies like the SEC and CFTC are already implementing more accommodating policies.
Key facts
- The Clarity Act is designed to establish a regulatory framework for cryptocurrency, dividing oversight between the SEC and CFTC while introducing registration and anti-money-laundering rules.[CNBC]
- Senate Majority Leader John Thune scheduled a procedural vote for the bill on September 15 after the chamber adjourned for its August recess without voting.[CNBC]
- Key hurdles for the legislation include stablecoin rewards and ethics provisions concerning President Trump and his family's crypto interests.[CNBC]
- Arizona Senator Ruben Gallego, a Democrat, has been working on a bipartisan compromise regarding the bill's ethics language to help secure the 60 votes required to pass the Senate.[CNBC]
- Crypto-backed political action groups spent over $200 million in the 2024 election cycle to elect pro-industry candidates.[CNBC]
What remains uncertain
- It is highly uncertain whether the Clarity Act can secure the necessary 60 votes in the Senate, with many industry leaders resigned to the bill being effectively dead in 2026.[CNBC]