Ryan Sees Path for CLARITY Act Passage Despite Senate Stalemate

Former Democratic congressman Tim Ryan believes that the CLARITY Act still has a chance to pass this year if lawmakers can resolve their disputes and make concessions. The bill, which sets federal rules for digital asset markets, stalled in the Senate on September 15th with a 49-50 vote.

Ryan identified several unresolved concerns including ethics, consumer protection, illicit finance, and stablecoin rewards as key issues that need to be addressed before the bill can move forward. Despite these challenges, he remains optimistic about the possibility of a deal being reached in the lame-duck session later this year.

The proposed legislation would divide responsibilities between the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC), with qualifying digital commodities and their spot markets falling under CFTC oversight, while securities-related activity would remain with the SEC. Ryan emphasized that businesses need clear and lasting rules beyond a change in administration.

The SEC has taken steps under its existing powers, granting temporary relief for certain venues trading tokenized U.S.-listed stocks and placing limits on trading symbols and volume. However, Ryan believes agency action alone cannot provide the long-term framework needed by companies and consumers.