CLARITY Act Faces September 15 Senate Test as Crypto Braces for a Decisive Week

In the US, cryptocurrency lobbyists and advocates are preparing for a key legislative vote as the Digital Asset Market Clarity Act is set to get a procedural vote in the Senate on September 15.

It would define federal oversight of digital assets, including the Securities and Exchange Commission and the Commodity Futures Trading Commission, among others.

The timing makes this a key vote, because September’s legislative calendar leaves little time for Congress to pass a market-structure package before the midterm election campaigns kick in.

After months of negotiations, the Senate Banking Committee approved the bill by 15-9 in May. The bill was then sent to the Senate floor, where it needed 60 votes to advance. It would not be possible to reach 60 votes with just Republican support.

It seeks to move beyond such ad-hoc regulation in favor of a statutory regime separating digital asset securities from digital commodities.

The Senate Banking Committee bill would keep the SEC as the overseer of the nation’s securities markets and give new authority to the CFTC over the nation’s commodities markets. It would require disclosure and give protections against evasion, along with prohibiting abusive market trading practices.