CFTC Chairman Selig has publicly warned markets to prepare for mass tokenization, the agency issued a manipulation warning on prediction contracts, and the White House is pushing crypto market structure legislation before the midterms.
The US Senate failed to advance the Clarity Act on a procedural vote, formally ending this Congress’s effort to pass a comprehensive crypto regulatory framework. Despite millions spent on lobbying by Coinbase, a16z and other industry leaders, the outcome deepens uncertainty across the sector.
The US Senate’s cloture vote on September 15 on the CLARITY Act failed to clear the 60-vote threshold needed for passage, marking a significant legislative setback for this key bill that the crypto industry had long awaited. The core obstacles to passage were the ethics controversy over President Trump’s family crypto wealth and the long-standing partisan divide over the regulatory boundary between the SEC and CFTC. The result will directly affect compliance expectations of US-based crypto firms, market structure choices of stablecoin issuers, and the pace at which major global economies borrow from each other’s crypto legislative paths.
The US House Ways and Means Committee released a sweeping crypto tax bill ahead of Wednesday’s markup, establishing tax treatment rules across crypto payments, stablecoins, mining, and staking, while introducing a $10 de minimis exemption for small crypto payments. The bill will shape US crypto industry compliance costs, tax architecture, and retail crypto payment adoption, and may become a baseline text for subsequent Senate legislation and bipartisan crypto legislative negotiations.
Senate Republicans on September 14 released the ‘final draft’ of the long-pending Clarity Act for digital assets, while the White House confirmed that President Trump has accepted most of the bill’s ethics provisions. The new draft makes significant adjustments to digital-asset classification, the allocation of regulatory authority between the SEC and CFTC, stablecoin reserve requirements and disclosure of conflicts of interest. Industry analysts say the release breaks a multi-month stalemate that had previously been described by industry observers as a Schrödinger-style legislative limbo, and could clear the path for a full Senate vote in the coming weeks.
The U.S. Senate Banking Committee voted to advance the Clarity Act, a landmark crypto market structure bill, sending it to a full Senate vote and marking a historic step for U.S. crypto regulation.