CLARITY Act News: September 15 Senate Vote Faces 3 Major Challenges

CLARITY Act News: SEC, CFTC Push New Crypto Rules as Senate Vote Nears

Crypto markets are entering a pivotal stretch, and the latest CLARITY Act news shows why. Regulators and lawmakers are racing to shape digital asset oversight ahead of a key Senate vote. 

While Congress debates the bill, the SEC and CFTC are advancing separate rulemaking on crypto derivatives and custody, according to journalist Eleanor Terrett. Meanwhile, former regulators warn that poorly coordinated rules could push trillions in trading offshore.

CLARITY Act News: Key Updates at a Glance

What Is Happening With the CLARITY Act Right Now?

The CLARITY Act awaits a Senate vote set for September 15, and that date anchors most current coverage. The bill needs 60 votes to clear cloture, a threshold now central to the debate. Prediction markets are split. Kalshi traders price a 91% chance of a Senate vote before October, as of August 31. 

Polymarket is far more skeptical the bill actually becomes law, giving it just a 13% chance this year. That gap between "a vote happens" and "the bill passes" will likely define coverage over the next few weeks.

Former SEC and CFTC Officials Warn Against Overregulation

A group of former regulators has entered the fight with a formal comment letter. Former CFTC Chair Chris Giancarlo, former Commissioner Brian Quintenz, and other ex-SEC and CFTC officials drafted it with funding from Kalshi. 

Their argument is simple: products with similar risks should face consistent regulation, and agencies should avoid overlapping rules that raise compliance costs without improving safety.

The letter flags perpetual futures as an area where overly strict rules could backfire, driving activity away from regulated U.S. venues instead of protecting American traders. This is one of the more consequential developments surrounding the legislation, since it links the congressional debate to active rulemaking.

Why the $90 Trillion Offshore Perpetual Trading Market Matters

Perpetual contracts, or "perps," are derivatives that let traders speculate on price without an expiration date, usually with leverage. Many of the largest perps venues sit outside U.S. jurisdiction, largely beyond American regulatory reach.

Kalshi estimates this offshore market will exceed $90 trillion in trading volume for 2025, up sharply from roughly $28 trillion two years earlier. That growth is the backbone of the former officials' warning: if U.S. rules become too costly or fragmented, this expanding market could continue growing overseas instead of onshore.

That concern is also becoming an important part of the broader U.S. crypto regulation debate.

Source: Crypto In America

SEC's New Crypto Custody Rules and 'Reg Crypto' Proposal Explained

On the SEC side, regulators are moving on two fronts. First, the agency submitted a draft revision of custody rules for investment advisers and investment companies to the White House's OIRA, aiming to clarify how firms should custody digital assets.

Second, the SEC's "Reg Crypto" proposal has entered the Federal Register, opening a public comment period until October 20. Commenters now have a formal window to weigh in before the rule moves toward finalization, a development likely to remain important to the digital asset industry through the fall.

Three Major Challenges the CLARITY Act Faces Before the Senate Vote

Beyond rulemaking, the bill faces political headwinds of its own. Reporting points to disputes in three areas: crypto industry ethics standards, rewards or yield features tied to stablecoins, and consumer protections around decentralized finance.

Any one of these disputes could complicate the push to secure 60 votes, making the September 15 vote less predictable than the calendar date suggests. Expect these fights to remain a recurring theme in the debate right up to the vote itself, since any single dispute could shift the final head count.

Source: BSCNews Post

Brian Armstrong Says Banks Are Fighting Stablecoin Rewards

Coinbase CEO Brian Armstrong has weighed in on one of the bill's most contentious pieces. He argues banks opposing the CLARITY Act simply do not want competition from crypto companies, particularly around stablecoins offering higher yields.

Armstrong contends banks are resisting because higher-yielding stablecoins might pull deposits out of traditional banking, with some estimates suggesting up to $1.3 trillion could eventually migrate away. Still, he argues clearer rules could benefit banks too, framing regulation as an opportunity that keeps more crypto business anchored in the United States.

Source: The Martini Guy

What Happens Next for U.S. Crypto Regulation?

The coming weeks are busy. The Senate September 15 vote starts what many call a critical countdown, while the SEC's comment window on Reg Crypto stays open until October 20.

Between the legislative fight and parallel work at the SEC and CFTC, this is one of the more consequential stretches for U.S. crypto policy in years. Anyone tracking CLARITY Act news should watch the custody rule review, the perpetuals debate, and the Senate vote move together, each shaping how digital assets get traded and regulated for years to come.

Expect fresh developments to emerge quickly once the September 15 vote is behind us.

CLARITY Act News Timeline

• August 31, 2026: Kalshi prediction market prices a 91% chance of a Senate vote before October.

• September 1, 2026: Former SEC and CFTC officials publish comments warning against overlapping crypto regulations.

• September 1, 2026: SEC custody rule revisions move to White House OIRA for review.

• September 15, 2026: Senate scheduled to begin voting process on the CLARITY Act.

• October 20, 2026: Deadline for public comments on the SEC’s Reg Cryptocurrency proposal.

Disclaimer: This article is for informational purposes only and does not constitute financial, legal, investment, or trading advice. Cryptocurrency markets are highly volatile and involve significant risk. Regulatory developments, including the CLARITY Act and related SEC and CFTC rulemaking, are subject to change without notice. Readers should conduct their own research and consult a licensed financial or legal professional before making any investment decisions.