US Senate Schedules September 15 Procedural Vote on Clarity Act Crypto Market Structure Bill

The US Senate will hold a procedural vote on Tuesday on the Clarity Act, legislation that would establish a new regulatory framework for cryptocurrencies and other digital assets. The bill passed the Senate Banking Committee in May 2026 and has since been stalled in the Senate for months. Senate Majority Leader John Thune scheduled the vote before the August recess. Because the bill needs 60 votes to advance, at least seven Democratic senators would need to support it to end a filibuster if all members are present.

Democrats have said they cannot support the bill unless it includes stronger ethics provisions to prevent President Donald Trump and his family from profiting from crypto businesses. In the earlier Banking Committee vote, only two Democrats voted to advance the bill. Senator Cynthia Lummis released updated bill text last Thursday.

Republican bill leaders released a new version on Sunday evening, describing it as a final proposal to meet Democratic demands. The updated text incorporates most of a crypto ethics agreement brokered by Senators Thom Tillis and Ruben Gallego and agreed to by Trump, including a key Democratic request that allows state attorneys general to enforce ethics requirements against federal officials. On stablecoin yield, the new text directs the Treasury Secretary to limit related rewards if community bank deposits see large-scale outflows, responding to banking industry concerns.

The aide said Thune described the vote as a "free vote," meaning it is intended only to move the bill to the next procedural step, and the bill would still be amended and voted on again before final passage. Republican Senator Bernie Moreno of Ohio said Tuesday's vote is not a vote on final passage but a vote on whether the Senate should begin consideration of the digital asset regulatory bill; if senators have concerns about the bill, they can offer amendments after agreeing to proceed. The aide said the White House has indicated it will make further concessions on ethics provisions and other issues only after the Senate passes the procedural vote.

The White House press office said in an emailed statement that the President's position is clear: Congress must pass the Clarity Act. The statement said the Trump administration has worked with Congress on the Clarity Act and has agreed to an ethics provision. The statement did not respond to questions about the content of the ethics concessions. If Tuesday's procedural vote fails, it is unclear whether lawmakers will have enough time to complete amendments and pass the bill before the end of this Congress.

The crypto industry is positive on the bill's prospects. Coinbase also reached an agreement last week with financial services provider Moov to offer stablecoin-related capabilities to community banks. On the opposing side, community bank organizations including the Independent Community Bankers of America are leading opposition to the Clarity Act, with concerns centered on stablecoin yield. The American Bankers Association led nearly 80 banking groups in a letter last Thursday to Thune and Senate Minority Leader Chuck Schumer, calling for stronger stablecoin provisions in the bill. Brooke Ybarra, the American Bankers Association's senior vice president for innovation and strategy, said bankers nationwide have communicated with their senators about the importance of protecting deposits that support local lending.