The Senate failed to advance the CLARITY Act in a 49–50 procedural vote on September 15, 2026, leaving the bill’s path uncertain—not formally closed. The SEC, meanwhile, is using its existing authority to interpret securities law, propose rules and grant limited relief for some tokenized-stock activity. Those steps address separate issues; they do not amount to a finished replacement for a federal market-structure statute.
Why is the CLARITY Act stuck in the Senate?
The motion to advance the crypto market-structure bill fell short of the 60 votes needed to move it forward, according to Associated Press coverage of the September 15 vote. AP reported that ethics provisions tied to President Donald Trump’s crypto interests were a central point of dispute. Supporters argued the bill would provide legal certainty and consumer protections; opponents raised concerns about conflicts of interest and the bill’s consequences.
Massachusetts Senator Elizabeth Warren, the top Democrat on the Senate Banking Committee, told AP: “Let’s make sure that we do not pass a crypto bill that will let Donald Trump continue to rake in billions of dollars in crypto profits while working families across this country struggle to deal with higher prices and an economy that gets worse by the day.” That is Warren’s argument, not a settled finding about the bill or the president’s interests.
AP reported that some Democrats remained open to negotiation, but Congress was due to be out of session in October and before the elections. As of October 3, the next step was unresolved. The failed motion means the bill did not advance in that vote; it does not establish that lawmakers cannot bring it back.
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What has the SEC done while Congress debates?
The agency’s moves differ in legal form and reach. An interpretation states how the SEC views existing law; a proposed rule is not final; and an exemptive order grants relief only on the terms and to the participants it specifies. The table summarizes the developments through October 3, 2026.
| Development | Legal status and authority | Primary scope | Who is most directly affected |
|---|---|---|---|
| March interpretation | Effective interpretation under existing federal securities laws; the CFTC issued related guidance. | How securities laws apply to certain crypto assets and transactions. | Crypto market participants assessing whether particular assets or transactions fall within securities laws. |
| Regulation Crypto Assets | SEC proposal under existing authority, not a final rule. | Offering exemptions and a conditional safe harbor for certain investment contracts involving crypto assets. | Issuers and others conducting qualifying offerings. |
| Innovation Exemption | Conditional exemptive order under existing authority, with relief stated to last five years after publication. | Specified trading in certain tokenized NMS stocks and liquidity provision connected with that activity. | Qualifying Tokenized Securities Venues and specified liquidity providers. |
| Custody framework | SEC proposal under existing authority, not a final rule. | Custody of assets by registered investment advisers and regulated funds. | Registered investment advisers, registered investment companies and business development companies. |
| CLARITY Act | Proposed federal legislation; the September Senate motion to advance it failed. | Broader crypto market structure. | The wider digital-asset market, depending on the bill’s eventual text and enactment. |
What would the proposed Regulation Crypto Assets change?
Announced on August 18, the proposal would create two securities-offering exemptions for certain investment contracts involving crypto assets. One would permit offerings of up to $5 million over a four-year period. The other would permit up to $75 million in each 12-month period and would require disclosures, financial statements and ongoing reports. These are proposed limits and conditions, not exemptions issuers can treat as already in force.
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The proposal also includes a conditional safe harbor under which an asset could cease to be subject to an investment contract in specified circumstances after promised essential managerial efforts are completed or permanently cease. The SEC set a 60-day comment period beginning after publication in the Federal Register. The proposal may change after comments; its terms are not settled.
What does the Innovation Exemption cover—and what does it leave out?
On September 17, the SEC issued an order granting temporary, conditional relief from the Exchange Act definitions of “exchange” for qualifying Tokenized Securities Venues and “dealer” for certain firms providing liquidity. It concerns specified activity involving certain tokenized NMS stocks, not tokenized assets generally.
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Among the venue conditions are limits on the number of symbols and trading volume, verification that token holders have rights equivalent to stockholders, and auditable public smart contracts. The order also imposes conditions on the specified liquidity providers. Relief is limited to qualifying activity and participants; it is not a blanket authorization for crypto trading platforms to operate outside existing requirements.
SEC Chairman Paul S. Atkins described the order as action “within its statutory authority” and called it a “significant step forward” in facilitating onchain trading of certain tokenized stocks. He also characterized the exemption as a bridge toward durable rulemaking. Those are the chairman’s descriptions of the agency’s approach; the order itself remains conditional and time-limited.
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What is in the SEC’s October custody proposal?
Announced October 1, the proposal would revise custody requirements for registered investment advisers and regulated funds, including registered investment companies and business development companies. It contemplates conditional pathways for advisers or funds to self-custody in some circumstances and for state trust companies to serve as custodians. It does not make either pathway unconditional.
The comment period is 60 days after publication in the Federal Register. Until the SEC completes the rulemaking, the proposal is not a final custody rule.
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Can the SEC regulate crypto without Congress?
The SEC can take actions within the authority Congress has already given it, including issuing interpretations, proposing rules and granting conditional exemptions. In September remarks, Atkins said that the administration would deliver “with or without that legislation,” while also urging Congress to advance the CLARITY Act. He has described durable legislation as indispensable. The two positions reflect the distinction between agency action on specific questions now and a statute that could establish a broader, durable market-structure framework.
SEC Chairman Paul S. Atkins said on September 17 that Congress had been unsuccessful in advancing the bill “despite the tireless efforts of many.” The agency’s actions since then address defined subjects and come with different conditions and legal statuses; they do not settle every question a comprehensive statute might address.
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