Coinbase and Grayscale said: Whether or not the CLARITY bill is passed, crypto regulatory rules will

CLARITY bill votes to test Congress's path to developing persistent encryption rules

Summary: Coinbase and Grayscale said that even if the CLARITY bill stalled in the Senate, U.S. encryption regulations are still expected to advance. The Senate closing debate vote on September 15 requires 60 votes, and the Republican Party currently holds 53 seats, so it needs the support of external forces.

Brian Armstrong, CEO of Coinbase, and Zach Pandl, head of research at Grayscale, pointed out that regulators are already building part of the federal encryption framework. The assessment was made ahead of the Senate's procedural vote on the CLARITY Act, which faces a 60-vote threshold requirement.

CLARITY bill vote tests Congress's path to persistent encryption rules

A September 15 vote will determine whether senators advance a vote against H.R. The debate on Bill 3633 did not directly determine its final passage. Senate Majority Leader John Thune has moved to close the debate, and the vote is scheduled for 2:15 p.m. EST. According to regulations, 60 votes are needed to end the debate.

The House passed the legislation on 7, 2025 by a vote of 294 - 134, including support from 78 Democrats. However, Republicans only hold 53 seats in the Senate. This means that if the Republican caucus remains united, senators still need to gain the support of Democrats or independents.

Armstrong told CNBC that all the senators he spoke with supported the measure. But the parties are still negotiating several terms ahead of the procedural vote. A revised 630-page Senate text released on September 10 expands provisions covering the Decentralized Finance (DeFi) protocol, Bank Secrecy Act requirements, credit unions, and decentralized finance rules.

Senator Cynthia Lummis said negotiators have included more than 114 provisions proposed by Democrats. Despite this, the parties still disagree on issues such as the interests in cryptoassets held by government officials, stablecoin rewards, investor protection, illegal financial activities, and financial stability.

However, Armstrong believes that even if the bill fails to pass, regulatory development will not stop because the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) have prepared relevant frameworks within their existing terms of authority. This is the core of Coinbase and Grayscale's view: Congress can make rules more permanent, and regulators can continue to shape markets even without Congressional legislation.

The SEC and CFTC build parallel path to encryption clarity

This regulatory path is taking shape. Pandl pointed to developments in stablecoins, token classification, securities issuance, and cryptocurrency derivatives. For example, the GENIUS Act became law in July 2025, establishing a federal framework for payment stablecoins.

Subsequently, in March 2026, the SEC issued an explanatory document classifying crypto assets into categories such as digital commodities, stablecoins, digital securities and collectibles. Bitcoin, Ether, Solana, and XRP appear among the examples of digital goods listed by the SEC.

In August this year, the agency proposed the Crypto Assets Regulations, which include customized exemptions for certain crypto-related investment contracts. One of the proposed exemptions allows eligible financing of up to $75 million over 12 months.

Meanwhile, the CFTC released a perpetual contract framework in May and allows the launch of Bitcoin perpetual products on registered exchanges. The measures support Grayscale's view that regulatory clarity is growing even before Congress resolves the broader market structure debate.

However, the CLARITY Act will further clarify the legal boundaries between the SEC and the CFTC. It will also address gaps in the federal spot market for digital goods and establish registration channels for exchanges, brokers and dealers.

Thus, federal legislation provides durability that is unmatched by institutional interpretations, as future governments can more easily modify regulatory policies rather than amending the grammar.

The traditional financial sector has also changed accordingly. Nasdaq's venture capital arm agreed to invest $100 million in Kraken's parent company Payward, while expanding cooperation on tokenized stocks.

The Senate vote will test whether Congress can translate this momentum into legislation. However, Coinbase and Grayscale's views are far more profound than one vote. Even if the bill is not passed, existing SEC and CFTC actions show that U.S. encryption regulations continue to advance.