The Senate will hold a procedural vote on the CLARITY Act Sept. 15 after missing its August window, while the SEC advances a parallel crypto rulemaking agenda. Bitwise says the delay puts the bill in a “walking dead” state.
Key Takeaways
Senator Risch says the Senate will start the process of passing the CLARITY Act on Sept. 15.SEC rules could bridge parts of Congress’ delayed crypto framework.Bitwise says the bill can remain alive while regulatory uncertainty persists.Risch’s Aug. 8 statement framed the September effort around consumer protection and U.S. economic competitiveness, arguing that continued delays could expose Americans to fraud while shifting investment and financial activity overseas. The lawmaker stated:
“On September 15th, the U.S. Senate will start the process of passing the CLARITY Act. The stakes couldn’t be higher.”
“Failure to pass this critical piece of legislation will leave Idahoans vulnerable to scams and fraud, as well as cede jobs, investment, economic competitiveness, and financial leadership to overseas competitors,” Risch added. “We must advance this important bill and make it law.”
How Does the ‘Walking Dead’ State Shift Attention to the SEC?The September vote closely matches Hougan’s description of legislation that survives politically without reaching a final resolution, leaving regulators and market participants operating while Congress continues negotiations.
Hougan wrote:
“The bill will enter a ‘walking dead’ state; nothing can actually kill it, but it will lurch along.”
What Crypto Rules Can the SEC Advance Now? Where Does SEC Authority Stop?Agency action can clarify how securities laws apply to crypto assets, establish exemptions, address custody, and create rules for securities-related onchain activity without waiting for Congress. Atkins has also described congressional legislation as the stronger way to future-proof U.S. crypto regulation, distinguishing interim agency rules from a statutory market structure framework.
The Bitwise CIO wrote:
“Crypto will be fine. Even if CLARITY doesn’t pass, the crypto industry will find a way forward.”
The next congressional test arrives Sept. 15, when senators decide whether to take up H.R. 3633, which cleared the House 294-134 and advanced from the Senate Banking Committee 15-9. The Senate action will determine whether the bill advances toward a statutory framework, while the SEC continues developing crypto rules under its existing authority.
