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Ahmed Barakat
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SEC Chair Paul Atkins said he expects the Senate to vote on the CLARITY Act on September 15. In a Fox Business interview, he said he anticipates and hopes the bill will pass the chamber and ultimately reach the President’s desk for signature. The expected timetable follows a delay from before the August recess, although Senate passage remains unconfirmed.
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The substance of the bill matters alongside its timing. CLARITY would establish a framework for sorting digital assets into securities, commodities, or stablecoins. Atkins also described the SEC’s broader work as an effort to update and modernize rules for the age of blockchain and crypto assets.
Despite the delayed vote, the SEC and CFTC have not paused their efforts to shape crypto policy. Last week, the SEC sent a proposal to the White House aimed at clarifying the framework for custody of crypto assets held by investment advisers and companies. The proposal indicates that regulators are continuing work on parts of the agenda independently of the legislative timetable.
The bill’s stall has also involved political and industry disputes. Although the House passed CLARITY last year, the bill has been deadlocked for most of this year after the banking lobby clashed with lawmakers and crypto businesses over whether platforms such as Coinbase should be able to pay customers yield.
Lawmakers have also sought changes to the bill’s ethics language. A draft circulating in July would bar government officials from promoting or making money from crypto, but some Democratic lawmakers said it did not go far enough. Pro-crypto Republicans, meanwhile, accused Democrats of delaying the bill for political reasons.
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What Happens Next for The CLARITY Act?
The immediate checkpoint is September 15, when Atkins said the Senate would vote on the measure. He has expressed hope that the Senate will pass the bill and send it to the President for signature, but the outcome still depends on a vote that has not yet taken place.
The yield and ethics disputes that helped stall the bill remain central issues as the Senate timetable approaches. For additional background, see this breakdown of the Senate vote and its hurdles.
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