Senate Majority Leader John Thune has filed cloture on the CLARITY Act, setting up a Sept. 15 procedural test once lawmakers return from August recess. Grayscale's head of research says the bill's odds of becoming law this year now look low, even as the SEC pushes ahead with its own crypto rulemaking.
The bill has not been shelved. Thune filed cloture on the motion to proceed to H.R. 3633, creating a procedural test when the Senate returns in September. H.R. 3633 is the digital asset market structure bill working through Congress.
Senate sets a Sept. 15 test for the CLARITY Act
The cloture motion on H.R. 3633 will ripen at 2:15 p.m. on Sept. 15, once the Senate returns from recess. The vote only decides whether senators proceed to debate the bill, not whether it passes — the legislation would still face amendments and another vote, and it needs 60 votes to clear the cloture threshold.
Lawmakers bring a bipartisan record into that test. The House approved an earlier version 294 to 134 in July 2025, with 78 Democrats supporting it. The Senate Banking Committee then advanced its portion 15 to 9 in May 2026.
Grayscale sees a narrowing path through Congress
According to crypto.news, Grayscale Head of Research Zach Pandl wrote in an Aug. 8 research note that the "chances of passage this year now appear low," pointing to the Senate calendar and election-year politics rather than any immediate threat to blockchain networks. Grayscale said failing to enact the bill would not immediately change how Bitcoin functions, halt major blockchain networks, or stop stablecoin payments from expanding.
Its concern instead centers on capital formation, tokenized securities, intermediary oversight and developer protections that a comprehensive statute would put on firmer legal footing. The firm also cautioned that new investment could increasingly move overseas without a federal market structure framework, as jurisdictions with clearer token rules compete for that activity.
SEC rulemaking moves ahead regardless
Congress is not the only source of U.S. crypto policy. In March, the SEC issued a formal interpretation covering staking, mining, airdrops and asset wrapping, and its 2026 agenda lists possible rules for crypto offerings, trading on alternative systems and updated custody requirements. But agency rules can be altered by future commissions or challenged in court, whereas a statute would set requirements directly into law.
Divisions remain ahead of the vote
Senators are still debating ethics provisions, stablecoin rewards, enforcement authority, consumer protections and illicit finance rules. Banking Committee minority staff released an analysis on Aug. 5 arguing the current text has weaknesses on investor protection, national security and ethics.
Sen. Cynthia Lummis released updated text on July 22 combining work from the Banking and Agriculture committees. Even if the Senate clears the September hurdle, differences with the House-passed version would still need to be resolved before any bill reaches the president.
Source: crypto.news
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