Senate Set to Vote on CLARITY Act Amid SEC Regulatory Efforts

SEC Chairman Paul Atkins expressed optimism that the Senate will pass the CLARITY Act on September 15, which aims to reform the crypto market structure. The bill has been stuck in the chamber for over a year after passing the House with a significant majority.

The cloture vote on September 15 is a procedural test, and Atkins hopes that it will be passed and sent to President Donald Trump's desk for signature. However, Democrats have resisted the Republican-written bill, stating that provisions related to ethics, consumer protection, illicit finance, conflicts of interest, and market integrity need strengthening.

The SEC has also proposed Regulation Crypto Assets, which includes registration exemptions for offerings up to $5 million over four years or $75 million over 12 months. The proposal adds a conditional safe harbor that would deem qualifying crypto assets not to be investment contracts and therefore not securities. It is open for public comment for 60 days.