#SenateReleasesNewCLARITYAct

The bill (H.R. 3633) passed the House in July 2025 by 294–134, and cleared the Senate Banking Committee in May 2026 on a 15–9 vote . A revised Senate text was released on September 10, 2026, ahead of a scheduled procedural cloture vote on September 15 . That vote requires 60 senators to advance the bill to floor debate. Republicans hold 53 seats, meaning at least 7 Democratic votes are needed . As of early September, the bill was described as "hanging by a thread," with prediction-market odds of 2026 passage in the mid-teens .

Key Changes in the September 10 Revised Text

The updated 630-page draft incorporates more than 100 Democrat-requested provisions, but the core sticking points remain unresolved . Three narrow changes were made:

· DeFi Registration: Trading protocols that are not genuinely decentralized must register with the CFTC and comply with Bank Secrecy Act obligations, mirroring existing SEC-side treatment .
· DeFi Scope Limit: The decentralized finance title now applies only to spot and cash digital commodity transactions, a revision aimed at addressing concerns from tribal gaming groups about prediction markets .
· Credit Union Clarity: The text clarifies which digital asset activities credit unions may conduct, keyed to GENIUS Act definitions .

Unresolved Sticking Points

The ethics title—covering restrictions on federal officials issuing or sponsoring tokens—remains unchanged from the July draft . This is a central Democratic demand. Section 10404, which bars yield or interest on payment stablecoins, is also unchanged, drawing opposition from the American Bankers Association and 60 other banking groups concerned about deposit flight . Section 10604, protecting software developers, is similarly unchanged .

Notable Developments

Treasury Secretary Scott Bessent publicly urged the Senate to advance the bill on September 9, warning that inaction would send a "troubling signal to our allies and adversaries alike" . The National Sheriffs' Association shifted from opposition to a neutral position on September 3, though it had previously warned the bill could exempt crypto mixers and DeFi platforms from anti-money-laundering rules .

If Cloture Fails

If the September 15 procedural vote fails, the bill is widely viewed as dead for the remainder of the 119th Congress . The remaining 2026 calendar is compressed by midterm campaigning and appropriations work. Failure would likely push comprehensive market-structure legislation to 2027 or later .

👉: The information above is based on legislative documents, committee releases, and reporting from multiple sources. The underlying policy debates involve competing views on financial regulation, innovation, and national security. This summary is provided for informational purposes only and does not constitute investment or policy advice.