The CLARITY Act failed to advance in a U.S. Senate procedural vote on September 15, 2026, but that does not establish that banks have stopped crypto dealmaking—or that the bill is permanently dead. Reporting available as of October 4 does not identify named, dated bank crypto deals after the vote. It does show banks and banking groups participating in the debate over the bill, including objections to stablecoin rewards.
What is the CLARITY Act?
The CLARITY Act is proposed U.S. legislation to set a federal framework for digital-asset markets. It would divide oversight between the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC), extend traditional bank anti-money-laundering rules to crypto platforms, and give the Treasury Department a possible tool to address risks to bank deposits from stablecoin rewards. None of those provisions became law as a result of the September vote.
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The Senate Banking Committee advanced the bill 15–9 in May 2026, according to Senator Cynthia Lummis’s office. That committee vote showed support for moving the proposal forward, but it did not guarantee the votes needed to advance it on the Senate floor.
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On September 15, the Senate did not reach the 60 votes required to advance the measure. The Washington Post reported the tally as 50–49; the Associated Press reported it as 49–50, a difference in vote-order convention, not in the outcome. The motion failed.
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Disagreement over ethics rules
A major dispute concerned whether the bill adequately restricted public officials’ personal crypto interests and provided a credible way to enforce those restrictions. Democrats sought stronger safeguards and questioned whether the proposed enforcement mechanism could be used against a sitting president. The September draft added a role for state attorneys general, but critics said the language still fell short. Senator Mark Warner told the Associated Press on September 15, “we cannot pass landmark legislation governing this industry while allowing the president of the United States to personally profit from it.”
Stablecoin rewards and bank deposits
Banks raised a separate concern: rewards offered by stablecoin platforms could attract money that might otherwise remain in bank deposits. The September draft described by The Block would let Treasury impose a “circuit breaker” on payment-stablecoin rewards for up to 18 months if they triggered substantial deposit outflows. Banking groups argued that the measure might activate only after significant outflows had already occurred. The ethics dispute and the deposit question were distinct objections, even though both complicated support for the bill.
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Protections for non-custodial developers
The September draft also revised language about protections for non-custodial developers. The Block reported that it removed references to a federal criminal statute; Coin Center viewed the change as insufficient to resolve the underlying criminal-law issue. That disagreement added another unresolved question to the negotiations.
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The reporting available for this article does not establish either that banks continued dealmaking after the Senate setback or that they halted it. It identifies no named, dated post-vote acquisitions, investments, partnerships, transaction values, or advisers that would support a broader claim about bank deal activity.
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There is evidence of banking-sector participation in the policy debate, including criticism of stablecoin-reward provisions. That is not evidence of a transaction. Likewise, support for advancing a bill or lobbying over its terms cannot by itself show that a bank is buying, investing in, or partnering with a crypto company. A firm answer about dealmaking requires specific transaction reporting.
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As of October 4, 2026, the bill had stalled but was not established as permanently dead. JPMorgan analysts said another Senate vote remained procedurally possible before Congress adjourned, while describing the remaining passage window as “extremely narrow.” That is an assessment made on September 16, not a guarantee of another vote or a prediction that the bill will pass.
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The analysts expected market participants to focus more on SEC and CFTC action. Agency rulemaking may provide some guardrails, but it differs from legislation in durability and exposure to reversal:
- Scope: Agencies can act within their statutory authority; the CLARITY Act would create the proposed market-structure framework and divide oversight between the SEC and CFTC.
- Durability: JPMorgan’s analysts said agencies can amend or repeal their rules under later administrations, while changing a statute requires another act of Congress.
- Legal risk: Agency rules can be challenged in court, the analysts noted. The bill, if enacted, would instead set requirements in statute, though legislation can also be changed by Congress.
- Timing: Agency action may proceed without a new floor vote, but the timing and scope of future rules were not established in the September 16 assessment.
Agency action and a statute are therefore not interchangeable routes to the same outcome: rules may offer nearer-term direction, while legislation would be harder for a later administration to reverse. Senate Banking Committee Chairman Tim Scott made the case for statutory clarity when the committee advanced the bill in May, saying, “families, small businesses, investors, and innovators all benefit from clear rules of the road.” The Senate floor vote showed that committee support alone was not enough to secure that framework.
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