Overview
- The Senate failed to invoke cloture on H.R. 3633 in a 49–50 vote on Sept. 15, which prevented debate and left the CLARITY Act stalled in the chamber.
- Senator Thom Tillis filed a motion to reconsider after the vote, preserving a procedural path to revive the measure but not improving short‑term odds for passage.
- Regulators moved quickly after the setback, with the SEC issuing temporary exemptions for certain tokenized trading and the CFTC filing a crypto market‑structure proposal with OMB for review.
- Political fights over ethics language tied to the president’s crypto interests and disputed stablecoin yield provisions deepened the split, with sponsors blaming Democratic opposition and the White House pointing to big bank pressure.
- Markets and prediction markets cut the bill’s odds to roughly 6%, while industry leaders warn the delay will leave firms dependent on agency actions and state enforcement until Congress acts.