【Voting Results】

On September 15 at 2:15 p.m. (Eastern Time), the U.S. Senate voted on a cloture motion regarding the “Digital Asset Market Clarity Act” (Digital Asset Market Clarity Act, H.R. 3633). This is a procedural hurdle that determines whether the bill can move on to formal debate, with a threshold of 60 votes. The vote did not cross the threshold, with more than 40 senators voting against it. Several Democratic senators who were originally seen by the market as possibly being persuaded to switch to support—including Gillibrand, Warner, Booker, Warnock, Gallego, Alsobrooks, Cortez Masto—ultimately also voted against. The Republican bill sponsor, Lummis, as well as Boozman and Scott, offered an alternative version that had already incorporated the 126 amendments requested by Democrats, but it still failed to secure enough votes. Senator Warren (Elizabeth Warren) also publicly called on her colleagues to vote against.

【Market’s immediate reaction】

After the news announcement, $BTC plunged immediately; within 24 hours, the drop was about 4% to 4.2%, and the price slid to around $75,800. $ETH and $XRP saw similar declines at the same time, and Solana’s ecosystem token SOL also moved lower. Stocks related to cryptocurrencies also weakened, with Coinbase, Circle, and Bullish extending earlier losses. On the prediction market Polymarket, the implied probability of “the CLARITY Act completing legislation within 2026” fell sharply from Monday’s (9/14) peak of 30% to 18%.

【This time is different from the September 13 version】

This is not the first time this bill has been stalled. The revised version of 630 pages was just released on September 13, outlining the way to regulate “nominal decentralization” arrangements. At the time, the market widely interpreted it as moving toward negotiations with the Democrats. But this time, the recognition motion vote is the real showdown—the results show that even after incorporating a large number of amendments, it still failed to secure support to cross the 60-vote threshold. Several media outlets and analysts believe this outcome effectively puts an end to the Senate’s round of market-structure legislative work within 2026. Given the political situation around the midterm elections, the next serious push may not come until 2029. That is external interpretation, not an official timetable.

【Key items to watch next】

After this road in Congress is temporarily blocked, the more likely path to continue is the track already underway by the executive agencies: SEC Chair Atkins recently said publicly that the SEC will continue pushing forward with rulemaking related to the issuance of digital assets, on-chain ownership records, and custody-related regulations. This path does not require the Senate’s approval of the vote this time to continue. In other words, the temporary stall on the “legislation” route for market structure doesn’t mean the regulators’ work on “making rules” will also stop—it’s another thread worth tracking over the coming weeks. In addition, whether Polymarket’s implied probability stabilizes or keeps sliding further to reflect “almost no chance within 2026” is an indirect indicator of whether Congress later reactivates discussions.