A critical day has arrived for the CLARITY Act, which could transform the legal framework governing the US cryptocurrency market. The Senate will vote on September 15 on whether to advance the bill.
The procedural vote is expected to take place today at around 2:00 p.m. ET. The bill needs the support of at least 60 senators to move to the next stage.
Republicans released a revised version of the bill ahead of the vote. However, Democrats continue to raise objections concerning its ethics provisions.
CLARITY Act received 126 changes
Senators Cynthia Lummis, John Boozman and Tim Scott said the latest text included 126 substantive changes requested by Democrats. The revisions focus on ethics rules, illicit finance and stablecoin rewards.
The most notable change concerns the crypto investments of public officials. The new text would require political officials to divest significant financial interests in crypto companies.
Officials would also have the option of transferring these assets into an independent blind trust. In addition, state attorneys general would receive the authority to file lawsuits over certain violations.
Republicans argue that these revisions address most of the Democrats’ ethics concerns. However, Elizabeth Warren, the senior Democrat on the Senate Banking Committee, said the rules remain insufficient.
According to Warren, the text contains loopholes that could allow political officials to profit indirectly from crypto ventures. Some Democrats are also concerned that the Justice Department could block lawsuits filed by state attorneys general.
Stablecoin rewards divide banks and the crypto industry
Another major dispute surrounding the CLARITY Act involves stablecoin rewards. Banking groups believe rewards offered by crypto companies could lead to deposit outflows.
Banks argue that moving deposits to stablecoin platforms could reduce their lending capacity. Industry representatives have therefore called for broader restrictions in the bill.
The revised text aims to address some of the banking sector’s concerns. However, US banking groups said the latest changes did not go far enough.
The crypto industry opposes a ban on stablecoin rewards. Companies argue that sweeping restrictions could limit stablecoin adoption and competition in financial technology.
How would the CLARITY Act change the crypto market?
The CLARITY Act aims to clarify which US regulator has jurisdiction over different types of digital assets. The bill would redefine the division of responsibilities between the Securities and Exchange Commission and the Commodity Futures Trading Commission.
Network tokens that meet certain conditions could be treated as digital commodities instead of securities. These assets would therefore fall primarily under the CFTC’s oversight.
However, selling tokens as part of an investment contract would not eliminate all SEC obligations. Issuers would still need to comply with certain disclosure and reporting requirements.
The bill would also establish a federal registration system for crypto exchanges, brokers and dealers. It introduces new standards for protecting customer assets, preventing market manipulation and separating customer property during bankruptcy proceedings.
Digital commodity platforms would also be treated as financial institutions under the Bank Secrecy Act. These companies would become subject to anti-money laundering, know-your-customer and due diligence requirements.
Vote could determine the bill’s fate
The House of Representatives passed the CLARITY Act in July 2025 by a vote of 294 to 134. However, the Senate’s revisions differ from the text approved by the House, meaning additional legislative steps will be necessary.
If the Senate approves the legislation, both chambers will need to agree on the same text. The bill could then be sent to the president for approval.
However, the September 15 vote does not represent final passage. Senators will first decide whether to move forward with debate on the legislation.
A failed vote could make it difficult for lawmakers to reconsider the bill in 2026 due to the busy election calendar. The Blockchain Association, Crypto Council for Innovation and Digital Chamber have th
