- The September 15 procedural vote needs 60 votes to open Senate floor debate.
- After passing the procedural vote, it would still require full debate, a vote, and a final bill.
- Keep Your Coins Act would protect users’ right to hold crypto in self-custody wallets under federal law.
The U.S. Senate is set to take a key procedural step on the CLARITY Act on September 15, a vote that could shape how digital assets are regulated in the country. While the vote will not decide the bill’s final passage, it will determine whether the legislation advances to formal debate, requiring 60 votes to move forward.
The September 15 Senate vote isn’t the final vote to enact the bill into law. If it passes, the Senate still has to debate and vote on the bill itself. Then, the House and Senate would have to agree on the same version before it ever reaches the president’s desk.
Either way, in case the CLARITY Act becomes law, the US crypto market could end up looking rather different from how it does today.
The bill will set up a federal framework that decides which digital assets are commodities, which fall under securities rules, whether the SEC (Securities and Exchange Commission) or CFTC (Commodity Futures Trading Commission) is in charge, and other crypto changes.
What Would Change for Everyday Crypto Traders?
One of the biggest changes would be a much clearer line between digital commodities and securities. In other words, buying and selling major cryptocurrencies may become more clearly regulated.
Under the Senate version, the CFTC would get a much larger role in overseeing digital commodity markets, including registering and supervising exchanges, brokers, and dealers.
For everyday crypto traders, that means a more standardized experience when trading assets that are classified as digital commodities.
The bill would require digital commodity brokers and dealers to give customers clear information about risks and how the asset works, while also making sure pricing is fair and transparent.
Another notable change is that exchange custody could become more protective.
The Senate bill would protect customers’ digital commodities and related assets if a firm goes bankrupt. It also stops brokers and dealers from treating those assets as if they’re their own.
For traders, it doesn’t mean the exchange risk disappears, but it might offer stronger legal protection if a regulated intermediary becomes insolvent.
Also, with the CLARITY Act, self-custody would receive explicit federal protection via the Keep Your Coins Act, which is a proposed section in the bill. With it, federal agencies can’t ban or restrict users from holding their own digital assets in self-custody wallets, as long as it’s for lawful purposes.
Stablecoin Changes and More Compliance for Crypto Platforms
Stablecoin rewards could change, as the latest Senate version says providers can’t pay interest or yield on stablecoins that act like bank deposits. Basically, if it looks like interest, it’s treated like interest.
Worth noting is that the bill would still permit rewards tied to activity or transactions, as long as they don’t function like interest on a deposit.
Additional changes include crypto platforms facing much stricter compliance requirements. For users, that might mean more standardized ID checks and compliance steps during sign-up, deposit, or use of regulated services.
Related: CLARITY Act Faces September Hurdle as Senate Calendar Tightens
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