CLARITY Act Delay: Sept. 15 Cloture and “Plan B” for SEC/CFTC

Grayscale warns the US CLARITY Act is stuck in political limbo after the Senate took an August recess, pushing the crypto industry toward “Plan B” if comprehensive crypto legislation fails this year. Senate Majority Leader John Thune has filed for cloture on the motion to proceed, with a key procedural vote set for September 15. A 60-vote threshold is required for passage of the procedural step, but it is not the final bill vote. If senators cannot advance the CLARITY Act, Grayscale says rulemaking can still progress via federal agencies. It highlights that the SEC and CFTC appear more accommodating than before, allowing them to continue building rules and interpretations even without Congress. However, Grayscale notes agencies may still have limits in defining permanent jurisdictional boundaries. It points to likely inflection areas such as tokenized securities, custody, and trading. Grayscale also argues institutional participation is rising despite uncertainty, supported by spot ETFs, stablecoins, tokenized RWAs, and deeper Wall Street involvement. It adds that the GENIUS Act already created a federal framework for payment stablecoins. Key risks remain, including ethical disputes, illicit-finance provisions, and language tied to the Senate Agriculture Committee. Republicans cannot move the measure alone and need at least seven Democratic or independent votes. Galaxy Research cut the probability of CLARITY Act passage this year from 50% to 30%. For traders, the delayed CLARITY Act timeline increases headline risk, but ongoing SEC/CFTC momentum and stablecoin-related frameworks should help keep broader regulatory activity moving.