SEC chairman Paul Atkins says he expects the Digital Asset Market Clarity Act to move forward in the Senate this month, despite unresolved disagreements over stablecoin rewards, ethics rules and financial crime provisions.
Speaking to Fox Business on Tuesday, Atkins said he expected lawmakers to progress with the legislation in September and eventually send it to President Donald Trump for his signature.
“The Clarity Act will be voted on in the Senate on the 15th of September,” Atkins said. “I anticipate and hope that it will be passed by the Senate and sent ultimately to the President’s desk for a signature.”
However, the action scheduled for 15 September is currently a procedural vote on whether the Senate should begin considering the bill. It is not a final vote on whether the legislation should be passed.
Senate Majority Leader John Thune filed a cloture motion on the motion to proceed before lawmakers left Washington for their August recess. The motion is scheduled to ripen at 2:15pm ET on 15 September.
Supporters will need at least 60 votes to clear that procedural hurdle. If successful, senators would then be able to proceed to debate, consider amendments and hold further votes on the measure.
The CLARITY Act would create a federal regulatory framework for digital assets and divide responsibilities between agencies including the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC).
The House of Representatives passed H.R. 3633 by 294 votes to 134 in July 2025, with 78 Democrats joining Republicans in support. The Senate Banking Committee later advanced its version by 15 votes to nine in May 2026.
Congress had hoped to advance the bill before the August recess, but negotiations failed to secure enough backing for a vote. Senate leaders subsequently moved consideration into September as lawmakers remained divided over rules covering stablecoin rewards, government ethics and financial crime.
Atkins said he remained confident that the legislative process could progress. He also said regulators were already changing their approach to digital assets as part of the Trump administration’s ambition to make the United States what the president has called the “crypto capital of the world.”
Regulators are continuing to develop crypto rules under their existing powers, despite the delays in Congress.
On 25 August, the SEC sent a proposal on crypto custody to the White House Office of Management and Budget for review. The proposal is designed to clarify how investment advisers and investment companies may hold crypto assets on behalf of clients.
It could also remove some existing requirements that the SEC regards as outdated in light of current market practices. The full proposal is expected to be published after the White House review and a vote by the SEC commission.
Atkins has previously said the SEC could address parts of crypto market structure through its own rule-making powers if Congress takes longer to complete legislation. However, the SEC cannot independently give the CFTC all the additional authority over spot markets envisaged by the CLARITY Act.
CFTC chairman Michael Selig has expressed a similar view. The CFTC has prepared digital asset proposals that could be introduced using powers the agency already holds, even if Congress does not pass the bill.
Selig said in August that “crypto will get market structure regardless of bill,” although he did not say when those proposals would be published.
The CFTC currently oversees crypto derivatives and can investigate fraud and manipulation involving spot commodity transactions. Wider, routine supervision of digital commodity spot markets would still require further authority from Congress.
The CLARITY Act has been the subject of negotiations involving lawmakers, crypto companies and the banking industry for much of 2026.
One of the central disputes concerns stablecoin rewards. Banking groups want tighter wording around provisions that could allow platforms such as Coinbase to offer customers rewards linked to their stablecoin balances.
Banks argue that such rewards could encourage customers to transfer deposits from traditional financial institutions into payment stablecoins. Crypto companies, meanwhile, oppose restrictions that could stop platforms from sharing stablecoin-related revenue with users.
Ethics provisions have created a further obstacle. Some Democratic lawmakers have called for stronger restrictions on government officials’ involvement in digital assets and their ability to profit from crypto businesses.
A revised proposal circulated in July included measures intended to prevent government officials from promoting or making money from crypto. Some Democrats, however, said the wording did not go far enough.
Republicans have accused Democratic negotiators of repeatedly changing their demands during the discussions. Senate Banking Committee chairman Tim Scott criticised Democratic negotiators during an appearance in August, saying disagreements had stopped the legislation from advancing.
The Senate vote count will be crucial because Republicans cannot reach the procedural threshold without support from Democrats. At least 60 senators must back cloture before the chamber can begin considering H.R. 3633.
Even if the Senate passes the legislation, the wording of its version must match the bill approved by the House before it can be sent to President Trump. Any amendments made by senators would require further action by Congress.
The next formal step is scheduled for 15 September, when the Senate is expected to vote on the cloture motion relating to the motion to proceed with the CLARITY Act.
