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The legislative process of the U.S. Clarity Act has fallen through due to jurisdictional disputes among regulators and disagreements over bill details, leaving a unified regulatory framework for the cryptocurrency industry yet to be implemented.
Senator Cynthia Lummis (@SenLummis) posted that the U.S. Senate voted on the "Clarity Act," which aims to empower the Treasury Department to cut off money laundering activities conducted through offshore exchanges such as Binance. Lummis accused Democrats of voting against the bill, claiming they are unwilling to protect American citizens from the threat of offshore money laundering. Critics, however, pushed back, citing constitutional concerns and a corruption loophole targeting the current president as reasons for its defeat.
Odaily News: The U.S. Senate failed to advance the Clarity Act last week in a procedural vote of 49 in favor and 50 against, falling short of the required 60-vote threshold. Negotiations on the market structure bill reached a deadlock over ethics provisions related to Trump's crypto business.The U.S. Securities and Exchange Commission (SEC) subsequently introduced a digital asset "innovation exemption," allowing qualifying platforms to trade onchain tokenized U.S. stocks without registering as national securities exchanges. The U.S. Commodity Futures Trading Commission (CFTC) issued a no-action position for passive software providers and submitted a broader crypto market rulemaking proposal to the White House for review.The Federal Reserve proposed requiring stablecoin issuers under its supervision to fully back tokens with safe, liquid assets and hold capital against operational risks. The Office of the Comptroller of the Currency (OCC) is advancing stablecoin rulemaking and plans to finalize the relevant rules by November. (Decrypt)
According to CoinDesk, the crypto lobbying group Blockchain Association announced that CEO Summer Mersinger is stepping down, with original founder Kristin Smith assuming the role of interim leader, and the transition to be completed on October 16. This leadership change comes shortly after the industry's Digital Asset Market Clarity Act was rejected by the Senate.
CFTC 主席 Mike Selig 宣布在《Clarity 法案》受阻后，机构将利用现有法定权限独立起草加密市场结构规则，目前相关前置文件已提交白宫。
Odaily reports: U.S. Commodity Futures Trading Commission (CFTC) Chair Mike Selig stated that after the Senate rejected the Clarity Act, the CFTC will still advance crypto market structure rulemaking, saying "now is the time to act."Selig pointed out that the CFTC's existing statutory authority provides room for advancing rules without waiting for Congress to pass new legislation. The agency will also reassess existing rules applicable to 24/7 on-chain markets driven by algorithms and intelligent agents.Related arrangements may include establishing a designated contract market category to allow exchanges to offer crypto leveraged trading under CFTC oversight; however, the CFTC does not have the authority to regulate the spot market on this basis, and spot market regulation still requires legislation. (Decrypt)
White House cryptocurrency policy adviser Patrick Witt dismissed claims that Trump's conflicts of interest caused the failure of the Clarity Act, insisting that the president has agreed to strict ethics provisions, including placing his assets in a blind trust, and attributed the bill's demise to partisan politics and lobbying activities.
Senator Lummis accused Democrats of deliberately obstructing the progress of the Crypto Clarity Act to vent their frustration over Donald Trump, leaving the industry facing regulatory uncertainty.
Odaily News: U.S. Republican Senator John Curtis of Utah has sent a letter to Senate Judiciary Committee Chairman Chuck Grassley and Ranking Member Dick Durbin, calling for an investigation into whether Donald Trump Jr. and Hunter Biden used their presidential family connections to obtain private economic benefits, and requesting that both be subpoenaed.Curtis noted that Donald Trump Jr. previously accepted wedding gifts from Russian oligarch Umar Kremlev, actively promoted a family-backed crypto business, and served as an advisor to a prediction market platform; the company in question is regulated by the Commodity Futures Trading Commission. Donald Trump stated that his son has returned the relevant payments to Umar Kremlev.Curtis also requested an investigation into Hunter Biden's large-scale business dealings with foreign entities, as well as whether both individuals used their relationship with the president to create business value. He mentioned that Joe Biden pardoned Hunter Biden in December 2024, and the latter had previously denied involving his father in business transactions.The call for this investigation comes one week after Senate Republicans failed to secure enough Democratic support to advance the Digital Asset Market Clarity Act. Some Democratic lawmakers opposed the bill, citing reasons including Donald Trump's use of crypto businesses to gain benefits related to the presidency; Donald Trump disclosed that he earned $1.4 billion from digital asset-related businesses in 2025. (Cointelegraph)
Odaily News: White House crypto affairs advisor Patrick Witt and U.S. Treasury Assistant Secretary for Financial Institutions Luke Pettit stated that they hold reservations about the possibility of the Clarity Act making progress by the end of the year, with the current focus being on developments at financial regulatory agencies.The two noted that during the "lame-duck" session following the congressional elections, whether the relevant crypto bill can regain momentum will depend on the election results. (CoinDesk)
White House and Treasury officials state that the Digital Asset Market Clarity Act is unlikely to pass during Congress's lame-duck session, with policy focus shifting to regulators such as the SEC and CFTC to accelerate rulemaking using their existing authority.
Odaily reports: The U.S. Senate failed to advance the Digital Asset Market Clarity Act on September 15 with a vote of 49 in favor and 50 against, and with limited remaining legislative sessions before Congress's 2027 term, the bill's chances of passage have diminished.Fairshake, a political action committee backed by Coinbase and Ripple Labs, plans to spend $30 million in the Ohio Senate race to oppose Sherrod Brown. Fairshake spent over $130 million on advertising during the 2024 election cycle and approximately $41 million opposing Brown.Stand With Crypto, an advocacy group launched by Coinbase in 2023, said it will mobilize supporters to participate in the 2026 midterm elections based on lawmakers' voting records on the bill. As of Monday, Fairshake and its affiliated political action committees had not disclosed any new spending following the vote. (Cointelegraph)
Peter Schiff (@PeterSchiff) posted that Bitcoin rallied significantly yesterday, driven by Strategy's latest round of Bitcoin purchases and subsequent bullish remarks from Michael Saylor, who claimed that the Clarity Act's failure to pass into law is actually a net positive for Bitcoin. In response, Schiff sarcastically noted that Saylor would offer a similarly bullish interpretation regardless of whether the bill succeeded, questioning the obvious "self-serving" motives behind his comments.
the U.S. Senate has not advanced the Clarity Act, and U.S. crypto policy remains primarily led by the U.S. Securities and Exchange Commission (SEC) and the U.S. Commodity Futures Trading Commission (CFTC). After the bill's advancement stalled, whether stablecoin platforms can offer rewards that may compete with bank deposits still lacks a clear legislative arrangement.Banks have made progress in the dispute over whether stablecoin platform rewards will compete with deposit business. Regulated crypto hubs such as the UAE are using clearer rules to attract businesses, talent, and capital, and may benefit from the U.S. legislative deadlock. (CoinDesk)
Bitcoin stabilized at the $75,000 level following the Federal Reserve's interest rate hike and the Senate's rejection of the Clarity Act, as the market had already priced in the negative developments and displayed strong resilience. Analysts expect prices to remain range-bound in the near term.
The US Digital Asset Market Clarity Act has been effectively shelved, having aimed to clarify crypto regulatory jurisdiction and expand the CFTC's authority. Subsequently, SEC Chair Paul Atkins and CFTC Chair Mike Selig have each accelerated efforts to advance alternative crypto regulatory frameworks.
According to The Block, Kevin O'Leary, chairman of O'Leary Ventures, stated at the New York Avalanche Summit that he has resumed buying cryptocurrency to position for the next cycle. He noted that the core issue in current crypto investment lies in determining which blockchain will achieve widespread adoption in which industry. He emphasized that the first major stock exchange to adopt blockchain would mark a "watershed moment" for the industry, as the entire financial ecosystem would then be forced to align with that chain's compliance requirements. O'Leary also mentioned that Bitcoin is expected to account for 1%~3% of alternative asset allocations, comparable to institutional gold holdings. On the regulatory front, he anticipates the Clarity Act will face difficulty passing before the midterm elections, but progress on digital asset tax policies will drive further regulatory implementation.
Kevin O'Leary stated that although the Clarity Act faced setbacks in the Senate, given the progress of the House digital asset tax bill, he expects Congress to resume related legislative proceedings in the first or second quarter of next year.
Odaily reports: The U.S. Senate failed to advance the Clarity Act, leaving the crypto industry still lacking a comprehensive federal regulatory framework and with the division of responsibilities among major financial regulators yet to be clarified.Some industry participants said the vote outcome could push capital, talent, and innovation toward overseas markets with clearer regulatory rules. Rulemaking by the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) may provide guidance in the short term, but legislation is still considered important for consumer protection and maintaining U.S. competitiveness. (CoinDesk)
According to The Block, Bitwise Chief Investment Officer Matt Hougan has revised his previous assessment regarding the impact of the Clarity Act's failure. The bill secured only 49 votes in a procedural Senate vote, falling short of the 60-vote threshold needed to advance. While Hougan had previously forecasted that a failed bill would trigger several weeks of crypto market weakness, he noted in his latest client report that Bitcoin has continued to rise after bottoming out around $57,950 on July 1, surpassing $80,000 on September 4. In the same period, Polymarket’s implied probability for the bill’s passage within the year dropped from 39% to 14%. Price action moving contrary to these expectations suggests that the bull market does not rely on legislative passage. Hougan also pointed out that initiatives such as Robinhood launching its own blockchain, Morgan Stanley listing a Solana ETF, and DTCC completing the settlement of the first batch of tokenized stocks demonstrate that Wall Street institutions are already positioning themselves ahead of regulatory clarity. He noted that proactive rulemaking by the SEC and CFTC can partially fill legislative gaps, but acknowledged that executive regulations carry the risk of being overturned by future administrations. Consequently, congressional legislation remains the sole path to providing lasting regulatory certainty.