Senate Sets Clarity Act Vote Date as CFTC Prepares Regulatory Fall-Back

The Digital Asset Market Clarity Act (CLARITY) has received a September Senate floor date, setting the stage for a potential vote on Sept. 15.

The bill aims to establish a broader federal framework for digital asset markets and advanced from the Senate Banking Committee in a bipartisan 15-9 vote in May.

However, Democratic senators have expressed concerns about the current text, citing issues with ethics, consumer protection, illicit finance, conflicts of interest, and market integrity.

CFTC Chair Michael Selig has stated that the agency would begin taking crypto-market steps under existing authority if CLARITY continued to stall due to what he called Democratic obstruction.