- September 15 is an important test for whether the Clarity Act can secure enough Senate support to continue through Congress.
- Political disagreements have weakened the bill’s momentum, while a compressed Senate calendar leaves little room for further delays.
- The SEC and CFTC can continue developing crypto rules under existing authority, but Alderoty considers congressional legislation the more durable solution.
The future of the US Clarity Act could become clearer on September 15, when the Senate is expected to take its first procedural step on the crypto market-structure legislation. Ripple Chief Legal Officer Stuart Alderoty said the date will be a key test of whether the bill still has enough support to progress, as the motion requires 60 votes.
The legislation has faced a narrowing opportunity to pass after disagreements weakened its bipartisan backing. Disputes have included proposed restrictions on crypto activities by senior government officials, limits on stablecoin rewards and measures addressing illicit finance. The Senate also entered its August recess without conducting the anticipated floor vote.
Alderoty said the crypto industry still wants Congress to establish the framework, even if the bill fails to move forward in September. He argued that legislation would offer greater durability than rules created solely through regulatory action.
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A Narrow Senate Window
Regulators, however, are not waiting for Congress to settle the issue. The SEC and CFTC have said they will continue developing crypto regulations, while their increased cooperation has been welcomed by Alderoty.
The SEC is pursuing initiatives covering certain digital-asset offerings, while the CFTC is continuing work involving financial innovation and prediction markets. These efforts demonstrate that regulatory policy can continue developing even while congressional legislation remains uncertain.
The Senate’s timetable leaves little room for delay, with lawmakers expected to have roughly three weeks in session after returning before departing Washington for midterm election campaigning. For Alderoty, that makes September 15 an important measure of whether the Clarity Act can regain momentum and continue towards a congressional framework.
Related: Treasury Opens Comment Period on GENIUS Act Stablecoin Rules
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