The official schedule is finally out. Senate Majority Leader John Thune filed a motion to proceed on Saturday morning, locking in the schedule for the initial vote on the CLARITY Act (H.R. 3633) for Tuesday, September 15 at 2:15 PM ET. The legislation is designed to provide the first formal regulatory framework covering most crypto activities in the United States.
The biggest change lies in the division of regulatory authority. The new rules draw a clear jurisdictional line between the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC). If passed, the majority of the burden of overseeing the crypto industry will fall into the hands of the CFTC.
However, setting a date does not guarantee enough votes to pass it.
Six Decisive Votes from the Democratic Camp
The Republican camp is currently still about six crossover votes short from the Democratic camp to clear the 60-vote approval threshold in the Senate. This number is not easy to achieve. Since the bill passed the Senate Banking Committee in May, only two Democratic senators have reportedly offered their open support.
Bipartisan negotiations have been grueling due to three main points of contention. The first involves rules around financial protection from illegal activities and law enforcement. The second concerns the regulatory formulation for stablecoin yields. The third, and most time-consuming, is an ethics clause directly related to the president’s personal assets.
$1.4 Billion in Assets Prove to Be a Stumbling Block
The ethics clause in the bill’s draft requires Donald Trump to divest all of his crypto assets. The value is not small. The potential financial gains from Trump’s crypto holdings have reportedly reached $1.4 billion.
The requirement to divest assets of this magnitude has left negotiations with the White House spinning in circles. Talks are still ongoing, but so far no agreement has emerged from the negotiation table. Trump’s crypto wealth is proving to make it difficult for both party camps to find a middle ground.
The Last Window Before the Campaign
Time is the biggest enemy of this draft regulation. Even if it passes the Senate, the document must be sent back to the House of Representatives to undergo another round of voting. Only then will the draft land on Trump’s desk to be signed into law.
As quoted by the @WatcherGuru account, White House official Patrick Witt issued a stark warning. He stated that September is the last window for this bill to be passed before the political calendar shifts completely to the midterm election campaigns.
“If it can’t be done by September 15, it will never happen,” Witt said. He also accused the Democratic camp of deliberately stalling the voting process and blocking the bill’s progress before the summer recess began.
For US crypto market participants, mid-September is not just a hearing schedule. It is the final deadline to see whether the promised regulatory certainty can materialize or if it will freeze again, dragged down by Washington politics. Reported by Decrypt.
Disclaimer: This article is for informational and educational purposes only, not financial advice. Cryptocurrency assets are highly volatile and carry significant risk. Always do your own research (DYOR) and never invest more than you can afford to lose.
