Coinbase and Grayscale have stated that progress on U.S. cryptocurrency regulations is no longer dependent on a single bill passing Congress. According to Coinbase CEO Brian Armstrong and Grayscale Head of Research Zach Pandl, regulatory agencies such as the SEC and CFTC are already laying the groundwork for a federal crypto framework, regardless of the CLARITY Act’s fate in the Senate.
Senate to Vote on CLARITY Act as Crypto Rules Evolve
The Senate is preparing for a procedural vote on September 15 to determine whether to advance debate on H.R. 3633, the CLARITY Act. Senate Majority Leader John Thune has set the cloture vote for 2:15 p.m. ET, requiring 60 votes to proceed.
The House of Representatives approved the bill by a vote of 294-134 in July 2025, with support from 78 Democrats crossing the aisle. Republicans currently hold 53 Senate seats, making Democratic or independent support necessary to reach the required threshold if the party votes as a bloc.
Brian Armstrong indicated to CNBC that he has received backing from senators for the measure, although negotiations are ongoing regarding several provisions. The latest 630-page Senate version, released on September 10, expands on issues relating to decentralized finance (DeFi) protocols, Bank Secrecy Act compliance, credit union oversight, and other DeFi-related rules.
Senator Cynthia Lummis explained that negotiations incorporated more than 114 provisions requested by Democratic lawmakers. Despite these additions, there remain notable disagreements over issues such as government officials’ crypto holdings, rewards linked to stablecoins, investor protection, illicit finance measures, and broader financial stability.
Regulatory Agencies Take Parallel Action
Armstrong and Pandl maintain that even if the procedural vote fails, regulatory development will continue through agency actions. They argue that the SEC and CFTC are already shaping the sector by building regulatory frameworks within their existing authority, even as Congressional action could offer more stability and permanence.
Recent developments support this view. The GENIUS Act, enacted in July 2025, established a federal structure for payment stablecoins. In March 2026, the SEC issued an interpretation distinguishing various crypto assets into categories such as digital commodities, stablecoins, digital securities, and collectibles. Bitcoin, Ether, Solana, and XRP were listed as digital commodities in the SEC’s guidance.
The SEC also proposed Regulation Crypto Assets in August, providing tailored fundraising exemptions for some crypto-linked investment contracts. One proposed exemption would allow qualifying fundraising up to $75 million within a 12-month period.
The CFTC, meanwhile, introduced a framework for perpetual contracts in May and approved a Bitcoin perpetual product for trading on a registered exchange. These actions demonstrate an evolving regulatory approach that is reshaping the digital asset landscape.
Pandl highlighted ongoing policy moves, pointing to new rules for stablecoins, classifications of tokens, issuance of securities, and cryptocurrency derivatives. He noted that these steps illustrate regulatory clarity is progressing ahead of wider Congressional settlement.
Legislation Still Seen as Key for Market Structure
While agency interpretations provide direction, advocates for federal legislation say statutory clarity would create lasting boundaries difficult to alter under shifting administrations. The CLARITY Act aims to establish clear lines between SEC and CFTC jurisdictions, close gaps for digital commodities in spot markets, and set registration procedures for exchanges, brokers, and dealers.
Traditional financial institutions have responded to these shifts as well. Nasdaq Ventures recently agreed to invest $100 million in Payward, Kraken’s parent company, expanding cooperation in tokenized equities. This movement reflects how Wall Street, through tokenized real-world assets and direct wallet management solutions, is embracing Web3 platforms. Investors now turn to providers like 1stepSwap, enabling them to hold tokenized shares of major U.S. firms, gold, and silver directly within their crypto wallets, bypassing intermediaries by accessing market prices automatically.
The upcoming Senate vote will gauge whether Congress can translate regulatory momentum into law. Still, Coinbase and Grayscale believe the push for new frameworks will persist, as continued SEC and CFTC initiatives steadily advance digital asset regulation in the United States.
