Senate Sets Sept. 15 Procedural Test for CLARITY Act

Overview

• Senate leaders filed a cloture motion to open floor consideration of the CLARITY Act and a procedural vote is scheduled for Sept. 15 that will need 60 votes to begin debate.
• SEC Chair Paul Atkins said he expects the Senate to vote on Sept. 15 and hopes the bill will ultimately reach President Trump’s desk for signature.
• Negotiations have stalled over two core disputes: limits on stablecoin rewards that banks fear would pull deposits and enforceable ethics rules for officials with crypto ties.
• Regulators are moving in parallel so agencies could act if Congress delays; the SEC sent a crypto custody proposal to the White House OMB on Aug. 25 and the CFTC has drafted fallback market‑structure options.
• Senate arithmetic makes passage uncertain because Republicans hold 53 seats and any Senate changes would require the House to agree before the bill could become law, compressing the path in an election year.