The next steps regarding the CLARITY Act in the U.S. Senate have largely been clarified, but the September 15 vote does not mean the bill will automatically pass. Cody Carbone, CEO of The Digital Chamber, a U.S. crypto industry group, said this date is more about formally initiating the Senate’s review process than being the definitive moment for the bill’s fate.
September 15 is not the final vote.
According to his statement, Senate Majority Leader John Thune has scheduled the vote before the August recess. Carbone believes the procedure will likely be initiated on September 15, but this vote itself is not a final decision on whether the bill will pass.
He noted that this is more akin to a cloture vote on the debate procedure—a procedural step to move the Senate to the next stage of consideration. After this step is completed, senators must still address amendments and conduct further votes before the bill can proceed to a final chamber vote.
Fastest processing in 48 to 72 hours
Carbon estimates that, after September 15, lawmakers will have approximately three weeks of session remaining before the election to advance legislation. He outlined two possible paths.
If the disputed issues could be resolved through coordination before the vote, the bill’s progress in the Senate could accelerate significantly, potentially completing the Senate phase within 48 to 72 hours after the procedural vote, followed by transmission to the House of Representatives the following week and further submission to the President for signature.
However, in another scenario, internal negotiations in the Senate continue to drag on, with a resolution only emerging near the end of the three-week window. According to him, it is still unclear which pace the bill is currently following.
Ethical clauses remain the greatest obstacle.
Among the remaining disputes, Carbone listed the ethics provisions as the most significant obstacle, surpassing the stablecoin yield rules and related provisions of the Blockchain Regulatory Certainty Act. He believes that if the ethical issues are not resolved, the bill will struggle to secure the necessary votes for advancement.
He revealed that Senators Thom Tillis and Ruben Gallego submitted a revised version of the ethics provisions to the White House before the August recess, and it is currently under review. The White House has not publicly commented on this. A stronger version of the ethics provisions previously proposed by the White House was already rejected by Democrats.
Regarding other issues, Carbone believes that BRCA is currently making relatively smooth progress. Following recent expressions of support from law enforcement agencies, the topic has gained increased momentum across both parties. However, he also noted that the industry still needs to continue engaging with senators outside the Banking Committee, as some lawmakers have long been influenced by the community banking system and are not familiar with cryptocurrency issues.
The industry is focused on regulatory clarity.
Carbone also noted that even if the bill ultimately fails to pass, U.S. regulators may still advance cryptocurrency regulation through rulemaking by the SEC and CFTC. However, in his view, the industry needs a more stable institutional foundation provided by congressional legislation.
He views the current stage as a critical window for the United States to secure leadership in cryptocurrency policy, believing that if Congress continues to delay legislation, other countries may continue to move ahead with rulemaking.