SEC Chairman Paul Atkins announced on Sept. 2 that the Senate will hold a Sept. 15 cloture vote on the CLARITY Act, a crypto market structure bill. The procedural vote follows motions filed Aug. 8, days before the Senate's five-week recess, and requires 60 votes to advance. Atkins stated he hopes the bill passes and reaches President Donald Trump's desk. The measure has been stuck in the Senate for over a year despite House passage in July 2025 by a 294-134 margin, and faces Democratic resistance over provisions on consumer protection and market integrity. The SEC separately proposed Regulation Crypto Assets on Aug. 18, creating registration exemptions of up to US$5 million and US$75 million, as the agency advances its own crypto rulebook alongside the legislation.
Senate Filed Procedural Motions on Aug. 8
The Senate filed a motion to proceed to H.R. 3633 and a cloture motion on Aug. 8, too late to vote before its five-week recess. Cloture requires 60 votes to end debate, and Republicans hold a narrow majority, meaning the bill needs Democratic support to advance. The House passed the CLARITY Act 294-134 in July 2025, and the bill has sat on the Senate calendar since June. The Sept. 15 vote is a cloture vote on the motion to proceed, the first floor test the measure has faced.
Seven Senate Democrats Called Text Inadequate
Seven Senate Democrats issued a joint statement saying the current text "falls short" and that provisions on ethics, consumer protection, illicit finance, conflicts of interest, and market integrity "must be strengthened". Investment bank TD Cowen gave the bill roughly one-in-three odds of clearing the Senate. Momentum stalled through the northern summer over whether stablecoin holders should be allowed to earn interest.
SEC Proposed Regulation Crypto Assets on Aug. 18
The SEC proposed Regulation Crypto Assets on Aug. 18, creating two exemptions from Securities Act registration. One exemption covers offerings of up to US$5 million over four years; the other covers up to US$75 million over 12 months. The proposal also adds a conditional safe harbor that would deem qualifying crypto assets not to be investment contracts, and therefore not securities. The proposal is open for public comment for 60 days. Atkins called the proposal "our most historic step yet to cement America as the Crypto Capital of the World" and stated the SEC can act under existing securities law if the bill does not pass.
FAQ
What did SEC Chairman Paul Atkins announce on Sept. 2?
SEC Chairman Paul Atkins announced on Sept. 2 that the Senate will hold a Sept. 15 cloture vote on the CLARITY Act, a crypto market structure bill. He stated he hopes the bill passes and reaches President Donald Trump's desk.
Why does the CLARITY Act need Democratic support in the Senate?
Cloture requires 60 votes to end debate, and Republicans hold a narrow majority in the Senate. Seven Senate Democrats issued a joint statement calling the current text inadequate and saying provisions on consumer protection and market integrity must be strengthened.
What registration exemptions does the SEC's Regulation Crypto Assets proposal include?
The SEC's Aug. 18 proposal creates two exemptions from Securities Act registration: one covering offerings of up to US$5 million over four years, and another covering up to US$75 million over 12 months. The proposal also includes a conditional safe harbor for qualifying crypto assets.
