CLARITY Act Vote on September 15: Industry Hopes for Regulatory Clarity

The CLARITY Act is set to face its make-or-break Senate vote on September 15, and the outcome remains uncertain. Washington has sent mixed signals about the bill's chances, with conflicting reports claiming it is both dead and still very much alive.

Renato Mariotti, a former federal prosecutor, stated that multiple members of Congress and staff told him directly in DC that 'clarity is dead'. In contrast, Faryar Shirzad, Coinbase's Chief Policy Officer, expressed confidence about the bill's prospects, citing bipartisan momentum. Kristin Smith from the Solana Policy Institute believes the push for a September vote is still on track.

The CLARITY Act aims to provide regulatory clarity for Bitcoin, Ethereum, and XRP by giving the CFTC direct power over trading platforms and creating a pathway for fundraising under the SEC and later trading potentially under the CFTC if sufficiently decentralized. The bill's passage would have significant implications for the industry, with Congressman French Hill arguing that relying on agency rules instead of legislation is risky.

Crypto analyst Tony believes that if the CLARITY Act passes, it could send the market higher and trigger a major rally on the Bitcoin chart, which altcoins would likely follow. He points to bullish divergence forming on Bitcoin's chart alongside bearish divergence in stablecoin dominance as signs of consolidation rather than a turning point.