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FollowingThe U.S. Senate will hold a closing debate vote on the Digital Asset Market Clarity Act on September 15.
The U.S. Senate is scheduled to hold a closing debate vote on the Digital Asset Market Clarity Act on Tuesday, September 15 at 2:15 pm Eastern Time. The bill requires 60 votes to advance.
It should be pointed out that the end debate vote itself does not directly pass the bill, but is intended to end the debate on procedural motions, thereby clearing the way for the Senate to formally consider the bill. If the vote fails, there will be little hope that the legislation will be restarted because there is little time left before the November midterm elections.
The CLARITY Act is the most extensive attempt by Congress to clearly delineate the boundaries of responsibilities between the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) with regard to digital asset regulation.
Changes that theBill will bring
The bill will establish clear rules that define which digital assets will fall under the jurisdiction of the SEC and which will fall under the jurisdiction of the CFTC. Currently, the jurisdictional boundaries between the two are largely determined by the actions of individual agencies and court decisions, rather than a single federal law.
The House of Representatives has approved the H.R. in 2025. Bill 3633. According to official congressional records, the Senate Banking Committee reported a revised draft in June, and Senate Majority Leader John Thune filed a request for closure of debate on a procedural motion on August 8. The Senate calendar shows that the motion to close debate will take effect at 2:15 p.m. on September 15.
Changes to the final draft
After more than a year of negotiations, Senators Cynthia Lummis, Tim Scott and John Boozman released the final text on September 14. They said the draft contained 126 substantive changes proposed by Democrats.
These changes add ethics provisions based on the Tillis-Gallego proposal and give the state attorney general a role in law enforcement. The draft also gives the Minister of Finance relevant powers to limit the loss of deposits associated with payment stablecoins and provide protection for software developers.
Loomis said: "After more than a year of intensive bipartisan daily negotiations, this bill is ready. This text truly embodies the spirit of bipartisan cooperation and contains more than 120 Democratic requirements."
Analysis of the voting situation
The Republican Party currently occupies 53 seats in the Senate, so if all Republican members vote for the bill to advance, at least 7 more Democrats will be needed to meet the 60-vote requirement.
Banking groups oppose provisions related to stablecoin rewards, warning that interest-bearing stablecoins may withdraw deposits from community banks. Before the final text was released, seven Democratic senators also expressed concerns about ethics, consumer protection and anti-illegal financial rules.
On September 14, New York Attorney General Letitia James joined forces with 18 state attorneys general to call on Congress to reject the bill. They believe the bill will weaken states 'ability to fight cryptocurrency fraud.
Subsequent progress predicts that
If the termination of debate is successful, the Senate will enter the debate stage and finally vote. If it fails, federal cryptocurrency policy will continue to rely on agency rules, enforcement actions and precedents, and it is uncertain whether Congress will try again.
Forecast that the market still shows uncertainty. As of September 14, the contract price on Polymarket for the bill to become law in 2026 was 31%, while Kalshi estimates a 45% chance of the structural legislation becoming law before April 2027.
