September 15 is approaching for American crypto. The Senate must decide whether to advance the CLARITY Act, a text the industry has been waiting for for months. It will take 60 votes. Brian Armstrong thinks the threshold remains achievable. And if Congress still blocks it, the SEC and the CFTC are already preparing what happens next.
In brief
- The Senate must vote on the progress of the CLARITY Act on September 15.
- The text will need at least 60 votes.
- SEC and CFTC are already working on their own rules.
Crypto counts its votes in the Senate
The CLARITY Act returns after several weeks of hiatus. The text had already fallen behind schedule before the summer. September 15 does not yet correspond to its final adoption. The Senate must first vote to move forward on its consideration. It will take 60 votes. The Republicans have 53 seats. Even with their entire group, they will therefore need Democrats.
Brian Armstrong thinks it’s possible. The boss of Coinbase recalls that the text had obtained broad support in the House of Representatives. In July 2025, 294 elected officials voted in favor. 134 against. In the Senate, the rhythm is changing. The Banking Commission had already approved the text by 15 votes to 9. We must now convince the entire chamber.
Seven Democrats may be enough. On paper. Brian Armstrong is not betting everything on Congress. If the vote fails, regulators will continue their work. In particular, the CFTC is preparing a new framework for platforms that trade crypto assets on the spot market. The SEC is also moving forward on its own rules. The two agencies have been working for several months on the classification of digital assets, platforms and the distribution of their skills.
The CLARITY Act still has several problems
The CLARITY Act seeks to establish this boundary in law. The CFTC would recover a good portion of the crypto spot market. The SEC would retain oversight of assets considered financial securities. Armstrong therefore sees two paths. The first goes through the Senate. The second by the regulators. A law passed by Congress provides more stability. A new administration can much more easily change a rule adopted by an agency.
Crypto companies obviously prefer the first option. They might have to settle for the latter. The disagreements did not disappear during the summer. Stablecoins continue to be problematic. Banks and crypto companies clash in particular over the rewards paid to users who keep certain dollar-backed tokens.
Donald Trump also comes back into the discussions. Democrats are calling for stricter rules for politicians with interests in crypto companies or projects. The Trump family has several activities in the sector.
Proposals seek to regulate these links. Negotiations had already stumbled on this subject despite several concessions from Trump. The schedule is also becoming tight. The midterm elections are approaching. The more the campaign progresses, the less time the Senate will have to process a text of several hundred pages. Brian Armstrong remains confident. He believes US crypto will soon get more regulatory clarity. By Congress or by agencies. September 15 will already give a good indication.
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