Clarity Act Hits Make-or-Break Senate Vote Deadline
The Digital Asset Market Clarity Act is facing its final deadline in the US Senate. On September 15, lawmakers will hold a cloture vote to determine whether the bill passes or stalls indefinitely.
Currently, the bill lacks the necessary 60 votes required for passage. Republicans hold only 53 seats and are expected to lose at least three more senators. Democrats have expressed concerns about ethics, consumer protection, and illicit finance provisions in the current draft.
The main sticking points include a provision tied to President Trump's $1.4 billion in crypto income, DeFi developer liability under Section 604, and a stablecoin yield fight with banks. If the bill fails, regulation will default to a fragmented mix of enforcement from various agencies, including the SEC, CFTC, OCC, and FASB.
Crypto market analysts have predicted that failure could lead to a near-term correction in Bitcoin prices, potentially around 10-25% lower. However, not all industry members share this view, with some arguing that existing rulemaking efforts can create durable precedent regardless of Congressional action.