CLARITY blame + crypto guilt = midterm revenge

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7. CLARITY blame + crypto guilt = midterm revenge

TL;DR: The CFTC and SEC are advancing crypto-focused rulemaking after the CLARITY Act stalled in the Senate, while industry figures continue to blame each other for its failure. The fallout has also intensified political spending, with Fairshake preparing new ad campaigns against lawmakers.

Key Takeaways:

• The CFTC submitted new crypto market rules to OIRA on September 17.
• The SEC and CFTC are advancing crypto rules after the CLARITY Act stalled.
• Industry figures remain divided over who was responsible for CLARITY’s failure.
• Coinbase CEO Brian Armstrong faced criticism over his lobbying approach.
• Fairshake plans a $30 million advertising campaign against former Senator Sherrod Brown.

Brief History: The CLARITY Act (H.R. 3633) is a U.S. bill introduced in 2025 to establish a clearer regulatory framework for digital assets and define the roles of the SEC and CFTC. It passed key House committees in June 2025 and advanced to House consideration in July.

Timeline Box to the CLARITY Act

• May 2024: The House passed FIT21, laying the groundwork for new rules governing digital assets.
• June 10, 2025: House committees advanced the CLARITY Act in bipartisan votes, moving the bill toward a full House vote.
• July 2025: The House passed the CLARITY Act, sending the market-structure bill to the Senate.
• May 2026: The Senate Banking Committee advanced its version of the CLARITY Act after months of negotiations.
• September 10, 2026: Updated text released: Sen. Cynthia Lummis released another updated version ahead of the planned September 15 Senate vote.
• September 14, 2026: Senate Republicans released a revised version after incorporating dozens of Democratic proposals.
• September 15, 2026: The Senate failed to advance the CLARITY Act in a 49–50 vote, leaving the legislation stalled.