#美参议院否决clarity法案
CLARITY didn’t pass. But U.S. crypto regulations haven’t stopped—just the people drafting them have changed.
▪️ 9/15 cloture motion 49:50, short by 11 votes; 4 Republicans defected
▪️ 8/18 SEC filed a new rule proposal: exemptions for startups up to $5 million, and financing exemptions up to $75 million ▪️ 3/17 the two sides issued a 68-page joint explanation, naming 16 tokens as “digital commodities,” not securities
First, let’s clarify the wording: this isn’t a “veto.” The procedural vote didn’t pass, and the bill is still on the Senate’s table. But whether it comes back or not is the same—back on 8/20, the CFTC Chair instructed staff to use existing authority to launch market-structure rules. The wording was: regardless of what the outcome is for CLARITY, the rules get implemented.
The rules can cover labeling—but not two other things. First, durability: the cooperation memorandum from March itself states it “creates no legal obligations.” The agency rules follow the Administrative Procedure Act; the next commission can rescind them using the same procedures. Nothing in the law changes—only the commission. Second, spot-regulation authority: the CFTC largely has only anti-fraud and anti-manipulation left. To build a spot registration regime, Congress has to give it the power.
In the short term, what BTC loses is a policy catalyst. Below 75,000 is a stress test; but whether something counts as a security—and the discount attached to that—was something institutions priced in, and it can also be taken back by the next round. Watch two things: the SEC proposal comment period (due mid-October) and whether the bill slips into 2027.
Rules can live on via agencies—so do they still need a Congressional signature?$BTC
CLARITY didn’t pass. But U.S. crypto regulations haven’t stopped—just the people drafting them have changed.
▪️ 9/15 cloture motion 49:50, short by 11 votes; 4 Republicans defected
▪️ 8/18 SEC filed a new rule proposal: exemptions for startups up to $5 million, and financing exemptions up to $75 million ▪️ 3/17 the two sides issued a 68-page joint explanation, naming 16 tokens as “digital commodities,” not securities
First, let’s clarify the wording: this isn’t a “veto.” The procedural vote didn’t pass, and the bill is still on the Senate’s table. But whether it comes back or not is the same—back on 8/20, the CFTC Chair instructed staff to use existing authority to launch market-structure rules. The wording was: regardless of what the outcome is for CLARITY, the rules get implemented.
The rules can cover labeling—but not two other things. First, durability: the cooperation memorandum from March itself states it “creates no legal obligations.” The agency rules follow the Administrative Procedure Act; the next commission can rescind them using the same procedures. Nothing in the law changes—only the commission. Second, spot-regulation authority: the CFTC largely has only anti-fraud and anti-manipulation left. To build a spot registration regime, Congress has to give it the power.
In the short term, what BTC loses is a policy catalyst. Below 75,000 is a stress test; but whether something counts as a security—and the discount attached to that—was something institutions priced in, and it can also be taken back by the next round. Watch two things: the SEC proposal comment period (due mid-October) and whether the bill slips into 2027.
Rules can live on via agencies—so do they still need a Congressional signature?$BTC
