Key facts
- The CLARITY Act faces a narrow 36-day window in the U.S. Senate before year-end.
- Key unresolved issues include ethics provisions concerning President Donald Trump's digital asset ties and stablecoin rewards.
- Senate Majority Leader John Thune has filed a motion for cloture, setting a procedural vote for September 15.
- At least seven Democratic or independent votes are needed to advance the bill, a threshold not yet met.
- The SEC is preparing to consider new crypto rules this week, potentially establishing a tailored offering regime.
The U.S. Senate faces a critical 36-day window to pass the Digital Asset Market Clarity (CLARITY) Act before the end of the year. Senate Majority Leader John Thune has filed a motion for cloture, setting up a potential procedural vote upon the chamber's return on September 15. However, significant hurdles remain, including unresolved ethics provisions related to President Donald Trump's digital asset ties and restrictions for stablecoin reward programs.
Lawmakers will have approximately 14 session days before a pre-election recess and 22 days after before the year concludes. Despite industry optimism, a deal on these contentious issues has not yet been announced. The Senate has had 13 months to consider the bill since it passed the House in July 2025.
In parallel, the Securities and Exchange Commission (SEC) has announced an open meeting to consider new rules for crypto asset investment contracts. This move signals the agency's readiness to provide regulatory clarity in the absence of congressional action. The Commodity Futures Trading Commission (CFTC) has also indicated its willingness to oversee crypto markets.
The outcome of the upcoming midterm elections could further influence legislative discussions, with potential shifts in Senate composition impacting future debates. Galaxy Research has reduced its odds of the CLARITY Act becoming law in 2026 from 50% to 30% due to the shrinking Senate calendar.