U.S. Securities and Exchange Commission Chair Paul Atkins said he expects the Digital Asset Market Clarity Act to take a critical procedural step in the Senate on Sept. 15. Speaking to Fox Business, Atkins said he anticipates the legislation will pass the Senate and ultimately reach President Donald Trump’s desk for signature.
The Sept. 15 action is a cloture vote on the motion to proceed, not a final passage vote. Senate Majority Leader John Thune filed the cloture motion before the August recess, and it is scheduled to ripen at 2:15 p.m. ET. Supporters will need 60 votes to clear the procedural hurdle, meaning Republican leadership must secure some Democratic support.
The CLARITY Act would establish a federal digital asset framework and divide oversight between the SEC and the Commodity Futures Trading Commission. The House passed H.R. 3633 by a 294-134 vote in July 2025, while the Senate Banking Committee advanced its version 15-9 in May 2026.
Negotiations have been delayed by disputes over stablecoin rewards, ethics provisions, and financial crime rules. Banking groups want stricter limits on platforms such as Coinbase offering rewards tied to stablecoin balances, while crypto firms oppose restrictions on sharing stablecoin-related revenue with users. Ethics language has also divided lawmakers, with some Democrats arguing the current draft remains insufficient.
Even before a Senate vote, regulators are moving forward with their own rulemaking. On Aug. 25, the SEC sent a crypto custody proposal to the White House Office of Management and Budget for review. The proposal would clarify how investment advisers and investment companies can custody crypto assets. CFTC Chairman Michael Selig has said the CFTC has digital asset proposals ready and that “crypto will get market structure regardless of bill,” though broader spot market authority would still require congressional action.
Atkins framed the effort as part of the administration's push to make the U.S. the “crypto capital of the world,” while warning that the SEC may rely on existing securities laws if Congress fails to pass new legislation.
