SEC Chairman Atkins expects the CLARITY Act to advance this month

The chairman of the U.S. Securities and Exchange Commission said he expects the Digital Asset Markets Clarity Act to make progress in the Senate this month, while regulators are working with Congress to develop cryptocurrency rules.

Summary

SEC Chairman Paul Atkins expects that the Clarification Act will make progress in September and will eventually be submitted to President Donald Trump for signature. The Senate plans to hold a procedural vote on the bill on September 15, requiring 60 votes to move forward. While Congress is negotiating market structure legislation, the SEC and the Commodity Futures Trading Commission are also continuing to advance the development of cryptocurrency rules. Stable coin rewards and ethics provisions remain the main points of disagreement surrounding the bill.

In an interview with Fox Business Channel on Tuesday, SEC Chairman Paul Atkins said he expected lawmakers to advance the legislation in September and ultimately submit it to President Donald Trump for signature. "The Clarity Act will be voted on in the Senate on September 15," Atkins said."I expect and hope it will pass the Senate and eventually reach the president's desk for signature." However, the September 15 action is currently planned as a procedural vote on whether the Senate should begin consideration of the legislation, rather than a final pass vote. Before lawmakers left Washington for the August recess, Senate Majority Leader John Thune filed a motion to end debate on a motion to move forward. As previously reported, the motion to close the debate is scheduled to mature at 2:15 pm EST on September 15. Backers need 60 votes to clear this procedural hurdle before senators can move on to debate, amendments and subsequent voting.

The Clarity Act will be tested in the Senate on September 15

The Digital Asset Markets Clarity Act would establish a federal framework for digital assets and divide regulatory responsibilities between agencies including the SEC and the Commodity Futures Trading Commission. The House approved H.R. in July 2025 by a vote of 294 to 134. Bill 3633, in which 78 Democrats joined the ranks of Republicans. The Senate Banking Committee subsequently approved its version by a 15 - 9 vote in May 2026. Lawmakers had tried to push the legislation ahead of the August recess, but negotiations failed to garner enough votes. As differences persisted over stablecoin rewards, ethics rules and provisions covering financial crimes, Senate leaders ultimately postponed review until September. Atkins expressed confidence that the process could still move forward and said regulators were already changing the way they handled digital assets. "We are changing our past practices and trying to update the rules to modernize them in the era of blockchain and crypto-assets," he said. The SEC chairman linked regulatory efforts to the Trump administration's efforts to promote the United States into what the president calls the "cryptocurrency capital of the world."

SEC is advancing cryptocurrency rulemaking

Congressional delays have not prevented federal regulators from using their existing powers to create rules for digital assets. On August 25, the SEC took a new step by submitting its cryptocurrency custody proposal to the White House Office of Management and Budget for review. The proposal aims to clarify how investment advisers and investment companies can custody crypto assets for clients. It could eliminate some existing requirements that the SEC believes are outdated in current market practice. The complete proposal is expected to be made public after a White House review and a vote by the SEC committee. Atkins has previously said that even if Congress takes longer to complete legislation, regulators can use rulemaking to address some of the structure of the cryptocurrency market. The SEC cannot independently grant the Commodity Futures Trading Commission all of the additional spot market regulatory powers envisaged in the Clarity Act. Commodity Futures Trading Commission Chairman Michael Selig takes a similar position. The regulator is ready for digital asset proposals that can be advanced using its existing powers even if Congress does not pass the Clarification Act. Selig said in August that "cryptocurrencies will receive a market structure regardless of the bill," although he did not specify when the proposals would be released. The Commodity Futures Trading Commission currently regulates crypto derivatives and can track fraud and manipulation involving spot commodity trading. Broader day-to-day regulation of the digital commodity spot market still requires congressional authorization.

stablecoin rewards remain a sticking point

For most of 2026, the Clarity Act has been mired in negotiations involving lawmakers, cryptocurrency companies and the banking industry. One of the main disputes is stablecoin rewards. Banking groups have been pushing lawmakers to tighten terms that could allow platforms such as Coinbase to offer customers rewards tied to stablecoin balances. Banks believe that allowing crypto platforms to offer such rewards may encourage customers to transfer deposits from traditional financial institutions to pay stablecoins. Cryptocurrency companies oppose restrictions that could prevent platforms from sharing stablecoin-related revenue with users. The ethics clause creates another obstacle. Some Democratic lawmakers are seeking stricter restrictions to cover government officials 'access to digital assets and their ability to profit from the crypto business. A revised proposal circulated in July included provisions aimed at restricting government officials from promoting or profiting from cryptocurrencies, but some Democrats believe the wording is still insufficient. Republicans, meanwhile, accused Democratic negotiators of repeatedly changing their demands during the negotiation process. In an August appearance, Senate Banking Committee Chairman Tim Scott criticized Democratic negotiators, arguing differences were preventing legislation from moving forward. Senate vote counting remains important because Republicans cannot clear procedural obstacles alone. At least 60 senators must support a closure motion before the Senate can begin consideration of H.R. Bill 3633, which means some Democratic support is needed. The version passed by the House and any version ultimately passed by the Senate would need to contain the same wording before the bill can be submitted to Trump. If senators amend the House bill, those changes will require additional congressional action. Currently, the next formal step is scheduled for September 15, when the Senate is expected to hold a closing debate vote on the motion to advance the Clarification Act.