The final amended version of the Clarity Act ahead of the crucial September 16 vote
The U.S. Senate is entering a decisive workweek for the Digital Asset Market Clarity Act, legislation expected to establish a comprehensive regulatory framework for the country’s cryptocurrency market. According to the schedule, the first cloture vote (the procedure to end debate) will begin at 2:15 p.m. ET on Tuesday, September 16 (equivalent to 1:15 a.m. on September 17, Vietnam time).
Journalist Eleanor Terrett reported that Senate Republicans have publicly released the latest proposed amendment to the Clarity Act, emphasizing that this is their “final and best offer” to negotiate with Democrats.
Key Changes in the Amendment
Compared to the original draft, the new version has significantly narrowed its regulatory scope. Specifically, blockchain protections under the Blockchain Regulatory Certainty Act now apply only within the scope of the Bank Secrecy Act (BSA) and civil enforcement, rather than maintaining their previous broad reach.
Regarding ethics provisions—the primary concern for Democrats—the amended draft requires officials to divest from substantial cryptocurrency investments or transfer them into a blind trust. This measure aims to thoroughly address concerns over the personal financial interests of certain senators in the sector.
In addition, to mitigate risks to the traditional banking system, the proposal adds a “circuit breaker” mechanism for stablecoin yields. This mechanism would trigger immediately if an excessively sharp outflow of deposits from community banks into the stablecoin market is detected.
Other key amendments include tightening oversight of vertical integration, regulating affiliate transactions, and addressing conflicts of interest in digital commodity markets. The proposed amendment also affirms that state-level consumer protection laws remain in effect, while clarifying that developer protections do not shield individuals from legal liabilities related to derivatives activities.
Falling Short of Expectations
According to analysis by CoinDesk, as of Friday afternoon, there were not enough 60 votes to invoke cloture. Negotiations are expected to extend through the weekend and could alter the situation, but overall, industry insiders remain pessimistic.
The core issue is not technical, but political. The vote comes just seven weeks before the midterm elections. Senators are on the campaign trail and reluctant to risk voting for a controversial bill. As election day draws closer, prospects for bipartisan cooperation diminish.
What if the Clarity Act Fails?
This is almost the final chance for the Clarity Act in 2026. The Senate has limited floor time remaining before the elections and many other matters to address. If the bill does not pass this month, its chances of becoming law this year are virtually over.
An alternative scenario being discussed in the industry is that the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) could use their rulemaking authority to fill certain regulatory gaps. However, this scenario is also fraught with risk, as interest groups are almost certain to sue whichever agency issues new rules, and litigation could drag on beyond January 20, 2029, when the next president takes office.
The outcome of Tuesday’s vote will be pivotal in shaping the cryptocurrency regulatory roadmap in the United States. If the Clarity Act secures enough votes to invoke cloture, the crypto industry will officially gain its first comprehensive regulatory framework. Conversely, if it fails, the regulatory process will have to rely on rulemaking by the SEC and CFTC, resulting in a substantially slower and more complex path.