CLARITY bill

SharpLink CEO says Mag 7 stock tokenization could arrive sooner than expected despite CLARITY bill gridlock
Brad Garlinghouse says CLARITY bill setback was disappointing, but XRP already has clarity
Lummis criticizes Democrats for opposing CLARITY bill with retail crypto protections
Executives say failed Clarity bill could open room for DeFi while established exchanges keep an edge
French Hill says SEC and CFTC moves fall short, pushes for CLARITY bill after midterms
Lummis blames Senate Democrats after CLARITY bill fails procedural vote 49-50
CLARITY bill
2026-09-28 06:36:10

After the CLARITY bill failed in the Senate, the SEC and CFTC moved to fill parts of the gap

The U.S. Senate failed to advance the CLARITY bill on Sept. 15, with a procedural vote ending at 49-50, 425 days after the measure had passed the House with bipartisan support. For the crypto industry, that looked like a serious setback: the bill was supposed to bring clearer lines between the Securities and Exchange Commission and the Commodity Futures Trading Commission, reduce years of enforcement-driven uncertainty, and give firms a more workable path for operating in the U.S. market. But the story changed within two days. On Thursday, the SEC rolled out an "innovation exemption" that allows venues trading tokenized securities to operate for as long as five years without registering as national securities exchanges. The move applies immediately and covers tokenized versions of stocks already listed on U.S. exchanges, as well as stocks tokenized by third parties. The same day, the CFTC issued Staff Letter 26-25, saying passive software providers such as wallets, apps, and interfaces that route orders in CFTC-regulated crypto derivatives would not face enforcement risk as unregistered brokers. It also submitted a pre-rule proposal covering crypto asset trading and market structure. The result is a mixed picture. Congress did not deliver the statute the industry wanted, and agency rules remain more vulnerable to reversal or court challenges than legislation. Even so, both regulators have started building, piece by piece, parts of the regulatory framework that the market has been asking for.

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After the CLARITY bill failed in the Senate, the SEC and CFTC moved to fill parts of the gap
CLARITY Bill
2026-09-22 01:48:12

CLARITY bill stalls in Senate as Saxo flags Coinbase, while Arbitrum and ETH staking draw fresh attention

The CLARITY bill, a key crypto market structure proposal in Washington, failed to clear the 60-vote threshold in the U.S. Senate last Tuesday, leaving it unable to advance to floor debate and narrowing its path this year as the calendar tightens ahead of the Nov. 3 midterm elections. In a note published Wednesday, Saxo Bank strategist Ruben Dalfovo said Coinbase faces the greatest exposure because its exchange business is tied most directly to U.S. market structure rules, including registration thresholds, eligible assets and participant requirements. Circle and Strategy, he said, face different risk profiles tied to USDC adoption, reserve interest, bitcoin holdings and financing access. Markets reacted quickly, with shares of Coinbase, Circle and Strategy falling 5% to 10% after the vote and weakening again the next day. Elsewhere, Standard Chartered’s Geoff Kendrick said Arbitrum could outperform Bitcoin and Ethereum by 2030 and projected ARB could rise from about $0.14 to $10, after already gaining 86% over the past month. Bitmine said more than 5.06 million of its 5.95 million ETH holdings are staked, implying annual staking income of $334 million at current rates. Phemex co-founder Federico Variola, speaking on Cointelegraph’s Chain Reaction, called AI a net negative for crypto, while others in the security sector offered a more mixed view.

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CLARITY bill stalls in Senate as Saxo flags Coinbase, while Arbitrum and ETH staking draw fresh attention