Crypto Regulation Hinges on CLARITY Act Vote Amid Bipartisan Uncertainty

The CLARITY Act's Senate vote on September 15 is sending mixed signals, with conflicting reports emerging just a day before the crucial decision. According to Renato Mariotti, a former federal prosecutor, multiple members of Congress and staff have told him that 'Clarity is dead.'

However, Faryar Shirzad, Coinbase's Chief Policy Officer, remains optimistic about the bill's chances, citing bipartisan momentum and saying he feels 'pretty good' about the odds.

Kristin Smith, Solana Policy Institute, believes the push for a September vote is still on track. She points out that the bill has garnered support from every Republican in the House plus around 80 Democrats, and includes 250 pages of Democratic priorities folded into the Senate draft.

Some argue that even if the CLARITY Act fails to pass, it will not leave the crypto industry without any regulation. Congressman French Hill believes relying on SEC or CFTC rulemaking instead of a real law is risky, as agency rules can be challenged in court for years and opponents of crypto regulation are expected to fund legal challenges.