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US Senate Republicans released the latest version of the Clarity Act (Digital Assets Market Clarity Act), adjusting compliance requirements for DeFi entities and credit union provisions. Due to a lack of consensus on ethical protocols, Democrats have expressed reservations, leaving the bill's path to passage uncertain.
Odaily News: White House crypto advisor Patrick Witt stated that progress has been made on the various concerns raised by the Clarity Act. He said, "I feel pretty good about the progress." (Bitcoin Magazine)
According to CNBC, Coinbase CEO Brian Armstrong stated that the Clarity Act, aimed at clarifying the regulatory jurisdictions of the SEC and CFTC over digital assets, has garnered support from multiple senators and is expected to be voted on by the Senate on September 15. He also noted that even if the bill fails to pass, both the SEC and CFTC have indicated they will proceed with rulemaking, and regulatory clarity "will arrive regardless." On the business front, Coinbase is actively advancing its diversification strategy, expanding its trading operations into stocks, commodities, and foreign exchange, with non-trading revenue encompassing stablecoins and institutional custody services. The company reported second-quarter revenue of $1.2 billion, down year-over-year, and a net loss of $359.5 million, remaining below market expectations for three consecutive quarters. Year-to-date, Coinbase stock has declined by approximately 23%.
U.S. Treasury Secretary Scott Bessent has once again called on the Senate to advance the Clarity Act, stating that the legislation aims to establish a comprehensive regulatory framework for digital assets and strengthen the ability to combat related illicit activities. He urged senators to continue negotiations following the recess, agree to initiate the legislative consideration process, and move the bill forward, warning that failure to advance it would undermine U.S. leadership in the digital asset sector and limit its tools to address associated national security risks.
Bitcoin Magazine reports that the U.S. Senate will hold a cloture vote on the Clarity Act next week. Senator Cynthia Lummis stated that if the bill fails to pass next week, it will have little realistic chance of advancing before the end of 2029.
Senator Cynthia Lummis (@SenLummis) stated that if the Clarity Act is not passed during the current Congress, the next substantive opportunity for market structure legislation will be delayed until 2030, at which point the U.S. will bear a multi-year cost in employment, investment, and tax revenue.
The National Sheriffs' Association (NSA) announced that it will shift its stance on the Clarity for Digital Assets Act from opposition to neutrality, stating it will allow the legislative process to proceed.
U.S. Securities and Exchange Commission Chair Paul Atkins stated that the "crypto asset regulation" proposal is one of the most historic initiatives thus far to solidify the United States' position as the "global crypto capital," and noted that it aligns with his stance supporting Congress submitting the Clarity Act to the President for signature.
Odaily News: ETF Store President Nate Geraci stated that the U.S. SEC has once again signaled it will not wait for the Clarity Act to pass before advancing rulemaking for the crypto industry, effectively pushing Congress to accelerate its actions.Geraci cited related views, noting that as technology evolves and the competitive market environment continues to change, sound governance requires a re-examination of existing rules and regulatory frameworks.
Brian Armstrong stated on the X platform that the president is very perceptive in recognizing that the previous administration's crackdown on cryptocurrency left millions of Americans feeling disenfranchised. Now is the time to push forward the legislative process for the Clarity Act, a bill that will protect consumers. This legislation will benefit banks, law enforcement agencies, cryptocurrency companies, and most importantly, the American people.
Odaily News - U.S. President Donald Trump and his family have caused investors at least $4.7 billion in losses through digital asset projects since 2022. Consumer rights advocacy nonprofit Public Citizen stated that the related projects include the World Liberty Financial governance token, NFT trading cards, Official Trump (TRUMP), and Trump Media's digital asset reserve.Among these, TRUMP investors lost approximately $3.2 billion, while USD1 stablecoin investors did not suffer significant losses. Public Citizen noted that the losses from TRUMP primarily reflect a transfer of wealth to a small number of early buyers, rather than funds disappearing outright. Donald Trump also earned $7.2 million from NFT licensing fees and royalties, as well as over $600 million from World Liberty token sales and equity sales.Public Citizen also called for adding ethical standards to the Digital Asset Market Clarity Act (CLARITY Act), requiring the U.S. President and his family to withdraw from related industry projects. Trump met with crypto company executives last week and called for passing a "fair version" of the bill. The Senate is scheduled to vote on a procedural motion on September 15, and advancing the bill requires support from at least 60 senators. (Cointelegraph)
Odaily News - Investment manager Lawrence Lepard, author of The Big Print, stated that even if the CLARITY Act (Digital Asset Market Clarity Act) passes the Senate with 60 votes, stablecoin demand will not be sufficient to improve the current state of the U.S. Treasury market.He noted that the current stablecoin market cap stands at approximately $255 billion, primarily backed by U.S. Treasuries purchased by Circle and Tether, down from $263 billion in January. The U.S. Treasury needs to roll over more than $8 trillion in debt annually, with stablecoins covering only about 3% of that amount.In 2025, the share of U.S. debt held by foreign entities has dropped to 32%, down from 57% after the financial crisis. Coinbase Chief Policy Officer Faryar Shirzad stated that dollar-backed stablecoins could convert overseas demand for digital dollars into demand for U.S. Treasuries. (Bitcoin.com News)
Odaily News: The Bank Policy Institute (BPI), an organization representing major banks including JPMorgan, Bank of America, Wells Fargo, and Citi, has proposed that the U.S. Treasury's Financial Crimes Enforcement Network (FinCEN) expand Customer Identification Program (CIP) requirements to stablecoin secondary markets, covering exchanges and other platforms that establish direct account relationships with retail customers.BPI stated that relevant exchanges and platforms handle a substantial volume of purchasing and selling activity within the payment stablecoin ecosystem, and that the majority of stablecoin-related illicit activity occurs in this space. Should the proposal be incorporated into the rules, affected platforms would be required to collect customer information under the Bank Secrecy Act, and decentralized exchanges could also fall within the regulatory scope.FinCEN's proposed rule notes that secondary market transactions of stablecoins on the blockchain typically involve anonymous or pseudonymous identities, with no centralized node collecting identity information, and that issuers have limited ability to gather customer data from secondary markets. BPI has also joined other banking organizations in opposing the current version of the Digital Asset Market Clarity Act. (Bitcoin.com News)
A CoinDesk opinion piece calls on the U.S. Congress to swiftly pass the Clarity Act, aiming to provide clear legal definitions for crypto assets and reshape the financial market structure to address current regulatory uncertainty.
Odaily News: Brian Armstrong posted on the X platform stating that most G20 countries already have regulatory frameworks for crypto trading, with the UK having recently established its framework just a few months ago. The US, home to the world's largest financial market, is a major exception in this regard. He stated that the Senate should pass the Clarity Act by September 15.
Odaily News: Coinbase CEO Brian Armstrong stated that the U.S. Digital Asset Market Structure Clarity Act (CLARITY Act) is expected to receive more than 60 votes of support in the U.S. Senate by September 15, and he is confident it will pass the first key procedural vote after Congress reconvenes.Brian Armstrong previously stated that the CLARITY Act has entered its final advancement phase, and the Senate procedural vote requires 60 votes of support to move the bill forward. The bill aims to establish a U.S. digital asset regulatory framework, clarifying the division of responsibilities between the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) in overseeing crypto assets. Armstrong believes that regulatory clarity for the U.S. crypto industry is approaching—whether through the eventual passage of the CLARITY Act or through regulatory agencies advancing administrative rules, the market will see a more defined regulatory environment.Previously, former U.S. President Donald Trump also called on Congress to push for the CLARITY Act's passage, arguing that the bill is crucial for establishing a digital asset regulatory framework and enhancing the competitiveness of the U.S. crypto industry. reuters.com However, the bill still faces disputes from some lawmakers over issues such as conflicts of interest and stablecoin regulation, and whether it can ultimately be enacted depends on further negotiations in the Senate. (CoinDesk)
Odaily News - U.S. Commodity Futures Trading Commission (CFTC) Chairman Michael Selig stated that if the Clarity Act continues to be stalled by Democratic obstruction, the CFTC will leverage its existing authority to begin establishing a regulatory framework for crypto assets and has directed staff to expedite formal rule proposals.Selig has instructed staff to study incorporating digital asset market structure into CFTC rules, with both existing CFTC registrants and currently unregistered crypto exchanges potentially falling under regulatory scope. Rules tailored to digital assets may permit leverage and margin trading.On Thursday, Bitcoin ETFs saw net inflows of $606 million, marking the highest single-day figure since May 1; Ethereum ETFs recorded net inflows of $219 million, the highest since September 2025. Over the past 24 hours, short liquidations in the crypto market exceeded $1.2 billion, approaching $5 billion over the past two days. (Decrypt)
Odaily News: Brian Armstrong stated on the X platform that the world's first truly global economy is coming, and it's time to advance tokenization in the US. Coinbase has launched its non-US tokenized stock business. The US Securities and Exchange Commission and SEC Chairman Paul Atkins are making progress with the Reg Crypto announced this week and the Innovation Exemption expected to be unveiled soon. As these measures move forward, the Senate should follow suit and pass the Clarity Act in the fall to ensure long-term stability in US rules.
The U.S. House Financial Services Committee has advanced the Crypto Regulation Without Clarity Act, with CFTC Chairman Behnam criticizing the bill for failing to provide a clear regulatory framework and instead increasing market uncertainty.
US CFTC Chair Caroline Pham has directed her team to prepare crypto regulatory rules in the event that congressional legislation fails, to prevent a regulatory vacuum resulting from the failure of the Clarity Act.