Crypto Regulation Progresses
Crypto Regulations Continue Advancing Even As Senate Prepares For Cloture Vote
Anonymous
Key Points
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Senate Majority Leader John Thune scheduled the September 15 cloture vote for 2:15 p.m. ET, and the latest Senate text is a 630-page version released September 10.
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Sen. Cynthia Lummis said negotiators had incorporated more than 114 provisions requested by Democratic lawmakers, though disagreements remain over issues including officials’ crypto holdings and stablecoin rewards.
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The proposed jurisdictional split would give the CFTC exclusive authority over spot markets for “digital commodities,” while leaving the SEC authority over primary-market sales and trading venues resembling exchanges.
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The SEC and CFTC jointly published an interpretive framework in March that divides crypto assets into five categories: digital commodities, digital collectibles, digital tools, stablecoins and digital securities; the agencies are also moving toward round-the-clock trading.
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Armstrong said passage of the CLARITY Act could unlock additional institutional capital and encourage products such as tokenized equities, while crypto groups have lobbied for the bill to keep investment and digital-asset businesses in the United States.
The Senate is preparing for a September 15 cloture vote on the CLARITY Act, a procedural test that needs 60 votes to advance debate on crypto regulation GJ Sentinel. The bill passed the House 294-134 in July 2025, but Republicans hold only 53 Senate seats, making Democratic or independent support essential. The legislation would establish clear rules for digital assets and split authority between the CFTC and SEC, though negotiations continue over stablecoins, DeFi, and investor protection.
Coinbase CEO Brian Armstrong and Grayscale research chief Zach Pandl say crypto regulation can advance even if the bill stalls, since the SEC and CFTC are already building frameworks for token classifications and stablecoins CryptoPolitan. However, agency rules are easier to reverse than legislation, and the crypto and banking industries remain divided over how the rules will affect investment, consumer safety, and competition.
Senate Faces Tight Vote on Digital Asset Rules
Senate Majority Leader John Thune scheduled the cloture vote for 2:15 p.m. ET on September 15 GJ Sentinel. The latest version of the bill runs 630 pages, released September 10. Sen. Cynthia Lummis said negotiators added more than 114 provisions requested by Democrats, though disagreements persist over stablecoin rewards and whether officials can hold crypto.
CLARITY Act Would Split Crypto Authority Between Agencies
The proposed jurisdictional split gives the CFTC exclusive authority over spot markets for "digital commodities," while the SEC retains control over primary-market sales and trading venues that resemble exchanges GJ Sentinel. This division aims to end confusion over which agency regulates what. The SEC and CFTC jointly published an interpretive framework in March that categorizes crypto assets into five types: digital commodities, digital collectibles, digital tools, stablecoins, and digital securities.
Agencies Are Already Building Regulatory Frameworks
The SEC and CFTC are moving forward with rules regardless of whether Congress passes the CLARITY Act CryptoPolitan. Both agencies are developing standards for token classifications, issuance, stablecoins, tokenized securities, and derivatives. They are also working toward round-the-clock trading for crypto markets. Armstrong argued that passage would unlock additional institutional capital and encourage products like tokenized equities, keeping digital-asset businesses in the United States CryptoPolitan.
Industry Coalition Pushes Bill Forward Despite Lingering Disputes
Crypto and banking groups have lobbied hard for the CLARITY Act, citing the need for clear rules to keep investment and digital-asset businesses domestic CryptoPolitan. However, the coalitions remain split on how the rules will affect money laundering controls, consumer safeguards, and competition. Agencies must still resolve contentious issues like DeFi operator oversight, where revised language would require regulators to determine if individuals or groups controlling "non-decentralized finance trading protocols" must comply with securities and commodity rules ZeroHedge.
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