Details of the third criticism of the Clarity Act: What will happen on September 15?

The U.S. Senate will hold a key vote on the CLARITY Act on September 15

The CLARITY Act, which aims to establish a comprehensive federal regulatory framework for the crypto market, is scheduled to hold a key vote on September 15. If the bill is passed, the division of powers between the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) will be clearer; some decentralized finance (DeFi) structures will be subject to new regulations; and cryptocurrency exchanges will also face clearer federal-level obligations.

So, what changes will this law bring?

Review of the Legislative Process

The House of Representatives passed the H.R. in July 2025 with 294 votes in favor and 134 votes against. Bill 3633. Subsequently, the Senate Banking Committee advanced its draft version with 15 votes in favor and 9 against in May 2026. Since then, the work of the Banking Committee and the Agriculture Committee has been merged. Ahead of the August recess, Senate Majority Leader John Thune initiated procedural steps and set the next key date for September 15. Finally, Senate Republicans released new revisions after recess negotiations.

What does the September 15th vote mean?

The September 15 vote does not directly equate to the formal entry of the CLARITY Act into law. At this stage, senators will decide whether to move forward with further consideration of the bill.

According to the rules, 60 votes are needed to advance the bill. Therefore, Republicans need to win the support of Democrats or independent senators. At present, there are still differences between the parties on issues such as the ethics provisions of the bill, anti-money laundering provisions and the introduction of stablecoins.

Coinbase CEO Brian Armstrong has called for a "yes" vote on the bill. He said some conditions that the company had previously considered indispensable had been reflected in the text.

How will the CLARITY Act reshape the crypto market?

The division of powers between the SEC and the CFTC will usher in changes

One of the most important chapters of the bill is to clarify the scope of responsibilities between the SEC and the CFTC. The CLARITY Act retains the SEC's jurisdiction over certain transactions involving securities and capital raising processes.

At the same time, the CFTC's role in the spot digital commodity market and related intermediaries will be expanded. The bill also introduces the concept of "ancillary assets", treating online tokens whose value comes from entrepreneurs or management activities as commodities, but sets specific disclosure requirements.

This treatment is intended to distinguish between capital raising activities such as initial coin offerings (ICO), securities token offerings (STO), initial exchange offerings (IEO) and NFT offerings, and the subsequent legal status of the tokens. This provides a clearer framework for one of the biggest legal uncertainties that cryptocurrency companies have long faced.

Can DeFi and personal wallet use rights be protected?

The second major focus of the CLARITY Act is the use of DeFi and personal wallets. The latest revisions specifically target DeFi protocols that, while seemingly decentralized, are actually controlled by specific individuals or groups.

Such agreements may require CFTC registration and compliance with regulatory obligations in the relevant spot digital goods business. When assessing the degree of decentralization, the bill mainly examines control power, decision-making power and the ability to block transactions. In contrast, protection is provided only to software developers and node participants who verify transactions.

In addition, the bill clearly states that federal agencies generally have no authority to prohibit individuals from using their own escrow wallets. This means that regulation focuses on the entity that holds control, rather than confusing open source software and truly decentralized infrastructure with centralized exchanges.

Cryptocurrency exchanges may usher in new federal rules

The third key section of the bill concerns exchanges, brokers and dealers where users buy and sell cryptocurrencies. The CLARITY Act aims to establish a federal-level registration and auditing system for digital commodity exchanges and intermediaries.

The system will establish new rules to protect customer assets and maintain market integrity, and clarify the obligations of relevant crypto intermediaries under the Bank Secrecy Act. This means stricter customer identification processes, suspicious transaction reports, anti-money laundering programs and compliance sanctions will become the norm.

The Act also provides for additional disclosure and safeguards against fraud, insider trading and customer asset protection.

Why is the CLARITY Act so important to the crypto industry?

The CLARITY Act does not just attempt to define whether a particular token is a security or a commodity, it targets federal-level working rules for the entire cryptocurrency industry.

Therefore, the 60-vote threshold required on September 15 is critical. Although this vote is not final, whether the Senate decides to advance the bill will indicate whether the United States will continue to work towards building a comprehensive federal crypto market regulatory system.

This content is based on general market data and does not constitute investment advice. Readers are advised to conduct independent research.