Senate passes Clarity Act
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Since Clarity Act failed to advance less than 3 weeks ago… • • -SEC issued innovation exemption to facilitate trading of tokenized securities • • -CFTC issued no action position for developers of passive software (think Phantom, Metamask, etc) • • -CFTC released updates to FAQs re: activities related to crypto assets • • -SEC released updates to FAQs re: activities related to crypto assets • • -SEC proposed new framework for custody of crypto assets by investment advisors & funds • • See what’s going on here? • • Regulators proving clarity one way or another. • • Not waiting on politicians. • • No reason not to expect more clarity this week.
Crypto Tax Filers Face Final October 15, 2026 Deadline as US Rules Tighten without CLARITY Act. • With roughly two weeks remaining before the October 15, 2026 cutoff, US holders of digital assets who requested more time earlier in the year face a final chance to submit their 2025 federal returns. That date marks the end of the automatic six-month extension available... Read More
The Clarity Act stalled. Bankers aren’t hitting the brakes yet on crypto dealmaking. • Crypto M&A has hit record levels, but the Clarity Act’s Senate setback leaves dealmakers weighing how much regulatory uncertainty still matters.
The Clarity Act stalled. Bankers aren’t hitting the brakes yet on crypto dealmaking. • Crypto M&A has hit record levels, but the Clarity Act’s Senate setback leaves dealmakers weighing how much regulatory uncertainty still matters.
They should've just put the CLARITY Act on the Senate floor and worked it out — before the political cycle overwhelmed this." Former Chairman @PatrickMcHenry joins @RebeccaRettig1 and @renato_mariotti on @CoinDesk's Policy Protocol — on CLARITY's lame-duck shot, AI trading liability, and prediction markets. • • Chapters/Timecodes: • 00:00 Welcome to The Policy Protocol • 01:56 UK's FCA Opens Crypto Authorizations • 03:08 SEC's Crypto FAQ and the Buyback Rewrite • 05:11 Robinhood's AI Agents and the Accountability Question • 08:08 Chairman Patrick McHenry Joins the Show • 08:47 Why CLARITY Stalled in the Senate • 09:35 Can the Lame Duck Save Market Structure? • 10:45 Narrow Crypto Bills vs. the Whole Enchilada • 12:47 When an AI Agent Trades, Who's Liable? • 14:27 Custody Rules and a Forward-Leaning SEC • 15:26 Prediction Markets: Investing or Gambling? • 16:26 CFTC Authority and the Supreme Court Fight • 19:34 The Legacy of Commissioner Hester Peirce
They should've just put the CLARITY Act on the Senate floor and worked it out — before the political cycle overwhelmed this." Former Chairman @PatrickMcHenry joins @RebeccaRettig1 and @renato_mariotti on @CoinDesk's Policy Protocol — on CLARITY's lame-duck shot, AI trading liability, and prediction markets. • • Chapters/Timecodes: • 00:00 Welcome to The Policy Protocol • 01:56 UK's FCA Opens Crypto Authorizations • 03:08 SEC's Crypto FAQ and the Buyback Rewrite • 05:11 Robinhood's AI Agents and the Accountability Question • 08:08 Chairman Patrick McHenry Joins the Show • 08:47 Why CLARITY Stalled in the Senate • 09:35 Can the Lame Duck Save Market Structure? • 10:45 Narrow Crypto Bills vs. the Whole Enchilada • 12:47 When an AI Agent Trades, Who's Liable? • 14:27 Custody Rules and a Forward-Leaning SEC • 15:26 Prediction Markets: Investing or Gambling? • 16:26 CFTC Authority and the Supreme Court Fight • 19:34 The Legacy of Commissioner Hester Peirce
Who Will Draft Crypto Clarity Act Next Congress?
Who Will Draft Crypto Clarity Act Next Congress?
Who Will Draft Crypto Clarity Act Next Congress?
SEC out here providing crypto clarity on a Friday afternoon a week after Clarity Act failed… • • Regulators moving quickly & aggressively. • • Politicians will catch up at some point, when it suits them.
SEC out here providing crypto clarity on a Friday afternoon a week after Clarity Act failed… • • Regulators moving quickly & aggressively. • • Politicians will catch up at some point, when it suits them.
Tokenized Markets Still Need Money. • After Congress was unable to advance the CLARITY Act in September, the SEC moved ahead with an "Innovation Exemption" allowing certain tokenized U.S. stocks to trade onchain while the agency considers more durable rules.
IBTIMES: The CLARITY Act Stalled In The Senate. Now US Regulators Are Moving Ahead On Crypto Rules Without Congress
IBTIMES: The CLARITY Act Stalled In The Senate. Now US Regulators Are Moving Ahead On Crypto Rules Without Congress
IBTIMES: The CLARITY Act Stalled In The Senate. Now US Regulators Are Moving Ahead On Crypto Rules Without Congress
IBTIMES: The CLARITY Act Stalled In The Senate. Now US Regulators Are Moving Ahead On Crypto Rules Without Congress
U.S. regulators rush to write crypto rulebook after Clarity Act stalls in Senate
U.S. regulators rush to write crypto rulebook after Clarity Act stalls in Senate
CLARITY vote failure could stoke more crypto PAC spending in key races
CLARITY vote failure could stoke more crypto PAC spending in key races
CLARITY vote failure could stoke more crypto PAC spending in key races
CLARITY vote failure could stoke more crypto PAC spending in key races
Eyes on the Market: Shrugging Off Bad News • • Crypto faced two bad headlines and closed up anyway. BTC rose 5.53% to $81,091, ETH 6.35% to $2,634 and total market cap 6.03% to $2.777T. HYPE hit an all-time high of $94.23 and SOL added 11.5% to a seven-month high. • Missing CLARITY. Cloture failed 49 to 50, eleven short of the 60 needed. Every Democrat who voted opposed it, along with four Republicans. The next realistic window is a lame-duck session or 2027. • The agencies moved without Congres. The SEC's Innovation Exemption gave tokenized securities venues five years of relief from the exchange definition, and the CFTC shielded passive software providers the same day. Arbitrum gained 55% on the week, Securitize and Uniswap 37%. • The Fed hiked 25bp to 3.75% to 4.00%, unanimously, its first increase since July 2023. Of the 18 dots submitted, 16 see another hike this year and four see two. Polymarket prices 55% for October 28 and 68% for December 9. • BTC ETFs netted $6.1M, the smallest week since launch in January 2024. ETH lost $140.6M, its worst week since June 22. • Prices rebound after FOMC • BTC opened Monday at $76,842, closed Tuesday at $75,935 on the CLARITY cloture rejection, and continued to slide down to $75,383 ahead of FOMC. It gained 6.14% on Friday alone and closed Sunday at $81,091, up 5.53% on the week. • ETH ran further, from $2,477 to $2,634, up 6.35%, with the same Wednesday low of $2,398. Total crypto market cap gained 6.03% to $2.777T. HYPE hit an all-time high of $94.23 on Friday against a prior high of $89.57. SOL added 11.5% to a seven-month high. • • Equities saw a similar trend. On Wednesday the Dow lost 1.21% to 51,461, the S&P 500 0.45% to 7,551 and the Nasdaq-100 closed flat at 28,945, all three having been higher before FOMC. Thursday reversed most of it, with the Nasdaq 100 up 1.73% to 29,447 and the S&P 1.1%. • Brent fell 2.16% to $100.75 as supply concerns eased. Saudi Arabia loaded more crude via Oman, product inventories built in the United States, Singapore and Europe, and China raised fuel exports. • What happened during the week • CLARITY fails its cloture vote • On September 15 the Senate voted on cloture for the CLARITY Act. Sixty votes were needed to end debate on the motion to proceed and open the bill to floor consideration. It failed 49 to 50, eleven short. Every Democrat who voted opposed it, including the seven who negotiated the text and the ethics rewrite, and four Republicans joined them. Senators leave Washington in early October and do not return until after the November 3 midterms, so the realistic window now is a lame-duck session or 2027. • Fed hikes • The FOMC raised the target range 25bp to 3.75% to 4.00% on Wednesday, September 16, a 12-0 vote and the first increase since July 2023. Warsh said inflation has been too high for too long and pointed to too many categories running above 3% on both six and twelve-month horizons. The 2-year yield rose to roughly 4.73% and the 10-year held near 5.00%. • The Fed’s dot plot revealed their projections. Of the 18 participants who submitted, 16 see at least one more hike this year and four see two. None sees a cut or a hold below the new range. Polymarket prices a 55% chance of a 25bp hike on October 28 and 68% on December 9. • • The SEC and CFTC moves without Congress • On Thursday, September 17, the SEC issued the Innovation Exemption. It grants two forms of temporary conditional relief. Tokenized Securities Venues are exempt from the definition of "exchange" for five years, letting them run secondary trading in tokenized NMS stocks through permissioned automated market makers. Liquidity providers supplying proprietary capital to those pools are exempt from dealer registration. Venues that believe they qualify need only notify the Commission before starting. The order is effective immediately and open for comment, with durable rule-making to follow. • The same day, the CFTC's Market Participants Division issued a no-action position shielding passive non-custodial software providers from introducing broker and associated person registration. • Both agencies moved inside 48 hours of the failed vote, signaling their desire for crypto regulatory clarity with or without Congress. Over the past week Arbitrum gained 55%, Securitize 37%, Uniswap 37% and Ondo 20%. • Two more central bank meetings • The BoE held Bank Rate at 3.75% on Thursday, a sixth straight hold, 6-3 with Pill, Greene and Mann voting for 4.00%. UK CPI hit 3.1% in August. Given hawkish pricing going in, the hold weakened sterling. • The BoJ hiked 25bp to 1.25% on Friday, 7-2, its highest policy rate since 1995 and its sixth increase of a cycle that started at minus 0.1% in March 2024. It came three months after the last hike, against a prior cadence closer to one every six months. The yen weakened past 157 and the Nikkei gained 1.5%: the market read the split vote and the absence of updated forecasts as evidence the BoJ is not set up for back-to-back moves. • Volatility, positioning and leverage • BVIV sits at 37.44 against 40.51 at last issue's close, down 7.6% through the single most event-dense week of the quarter. It is now below the 38.86 low printed during the August CPI session and within two points of the August 7 low of 35.81. Two rate decisions, a failed market-structure vote and a regulatory reversal produced a lower implied vol than the week before them. • Aggregate futures open interest is $148.2B against $133.4B last issue, up 11.1%, and the highest reading since January. BTC-denominated open interest has recovered from its September 13 low of 658.6K BTC to 690.2K, but that still sits below every daily reading since April. • ETF flows fall flat • BTC and ETH ETFs took $134.5M of net outflows combined, a second consecutive negative week and the smallest combined net flow in either direction in six weeks. • BTC: +$6.1M. The smallest weekly net since BTC ETFs launched in January 2024. Do not mistake a small net for a quiet week. Daily prints ran from -$450.4M to +$433.0M, with nearly $1.5B moving in both directions across the five sessions to land on $6.1M. Tuesday's $450.4M outflow is the largest single day since June 25, and Friday's $433.0M erased most of it as BTC crossed $80K. • ETH: -$140.6M. This is ETH's worst week since June 22. It also ends a four-week run of $1.94B of inflows. Despite seeing outflows, ETH still outperformed BTC from a price action standpoint. • • The best performer of the week was Solana. Its ETFs saw $58.7M of net inflows. Cumulative flows across the six funds total $1,274.6M excluding $449.3M of seed capital. BSOL alone accounts for $1,090.1M, 86% of the category. • Key events for the week ahead • Monday, September 21 • China: PBoC one-year and five-year Loan Prime Rate fixings, expected unchanged at 3.00% and 3.50% for a sixteenth month. • US: Chicago Fed National Activity Index for August. • Tuesday, September 22 • US: Weekly ADP Employment Change data • Wednesday, September 23 • Global: S&P Global flash manufacturing, services and composite PMIs, US release 9:45am ET. • Thursday, September 24 • US: initial jobless claims, 8:30am ET. New home sales, 10am ET. • Australia: August labour force report. • Friday, September 25 • US: advance durable goods for August, 8:30am ET.
This Week in Crypto (September 14–21): The CLARITY Act Dies 49–50, the Fed Hikes for the First Time Since 2023, and the Agencies Go Around Congress Two Days Later. • The biggest item this week in crypto is a bill that didn't pass. The CLARITY Act failed a Senate procedural vote 49–50 on September 15, over ethics language about politicians' token holdings rather than anything in the market-structure text. The Fed then hiked for the first time since 2023, traders lost $571 million in longs, and by September 17 the SEC and CFTC were writing the rules Congress declined to pass. Here's the week, story by story. The week at a glance Story Date The number t
This Week in Crypto (September 14–21): The CLARITY Act Dies 49–50, the Fed Hikes for the First Time Since 2023, and the Agencies Go Around Congress Two Days Later. • The biggest item this week in crypto is a bill that didn't pass. The CLARITY Act failed a Senate procedural vote 49–50 on September 15, over ethics language about politicians' token holdings rather than anything in the market-structure text. The Fed then hiked for the first time since 2023, traders lost $571 million in longs, and by September 17 the SEC and CFTC were writing the rules Congress declined to pass. Here's the week, story by story. The week at a glance Story Date The number t
This Week in Crypto (September 14–21): The CLARITY Act Dies 49–50, the Fed Hikes for the First Time Since 2023, and the Agencies Go Around Congress Two Days Later. • The biggest item this week in crypto is a bill that didn't pass. The CLARITY Act failed a Senate procedural vote 49–50 on September 15, over ethics language about politicians' token holdings rather than anything in the market-structure text. The Fed then hiked for the first time since 2023, traders lost $571 million in longs, and by September 17 the SEC and CFTC were writing the rules Congress declined to pass. Here's the week, story by story. The week at a glance Story Date The number t
This Week in Crypto (September 14–21): The CLARITY Act Dies 49–50, the Fed Hikes for the First Time Since 2023, and the Agencies Go Around Congress Two Days Later. • The biggest item this week in crypto is a bill that didn't pass. The CLARITY Act failed a Senate procedural vote 49–50 on September 15, over ethics language about politicians' token holdings rather than anything in the market-structure text. The Fed then hiked for the first time since 2023, traders lost $571 million in longs, and by September 17 the SEC and CFTC were writing the rules Congress declined to pass. Here's the week, story by story. The week at a glance Story Date The number t
SEC Chair Atkins: Crypto Rules Coming With or Without CLARITY Act. • SEC Turns to Independent Crypto Rulemaking as CLARITY Act Stalls In the days following a procedural Senate vote that blocked fur
SEC Chair Atkins: Crypto Rules Coming With or Without CLARITY Act. • SEC Turns to Independent Crypto Rulemaking as CLARITY Act Stalls In the days following a procedural Senate vote that blocked fur
SEC Chair Atkins: Crypto Rules Coming With or Without CLARITY Act. • SEC Turns to Independent Crypto Rulemaking as CLARITY Act Stalls In the days following a procedural Senate vote that blocked fur
What is this event about?
This market will resolve to “Yes” if crypto market structure legislation is passed by the United States Senate by the specified date, 11:59 PM ET. Otherwise this market will resolve to “No.”
"Crypto market structure legislation" refers to any legislation that does all of the following:
1. Establishes a comprehensive regulatory framework for digital assets, cryptocurrencies, or virtual currencies (not solely for stablecoins);
2. Delineates regulatory authority between federal agencies (such as the SEC, CFTC, or others) for oversight of digital assets;
3. Creates definitions, classifications, or categories for when digital assets are considered securities, commodities, or other regulatory classifications.
Examples of qualifying legislation include the "Digital Asset Market Clarity Act of 2025" (H.R.3633) and "The Financial Innovation and Technology for the 21st Century Act" (FIT21).
The following would not qualify:
- Bills that solely regulate stablecoins without addressing broader crypto market structure;
- Bills that only ban or restrict specific crypto activities without creating a regulatory framework;
- Bills that only address Central Bank Digital Currencies (CBDCs);
- Appropriations bills that merely fund crypto-related activities;
- Bills that only address crypto taxation without market structure provisions;
- Executive orders, regulatory guidance, or agency rules;
- The GENIUS Act or STABLE Act (stablecoin-only legislation);
- The Anti-CBDC Surveillance State Act (CBDC-specific);
Qualifying legislation must be passed by the United States Senate. Passage by the United States House of Representatives or subsequent signature by the United States President are not relevant for purposes of this market.
The resolution sources for this market will be official information from the United States Senate and a consensus of credible reporting.