Senate Votes Loom on Landmark Crypto Regulation Bill
A crucial vote on the CLARITY Act is set for September 15 in the US Senate. This legislation would provide federal regulatory clarity to American crypto markets, settling a decade-long jurisdictional dispute between the SEC and CFTC.
The bill's text proposes assigning most digital tokens, including Bitcoin and Ethereum, to the CFTC as digital commodities. Tokens issued by companies with meaningful control over their networks would remain under the SEC's purview. Stablecoins, decentralized finance protocols, and tokenized securities would receive distinct regulatory treatment.
A cloture motion on September 15 will determine whether debate can begin at all, requiring 60 votes to overcome a filibuster. Majority Leader John Thune must persuade between seven and ten Democrats to cross the line. However, Senate Democrats have conditioned their support on two provisions that Republicans resist: stricter ethics restrictions and anti-money-laundering requirements for decentralized exchanges.