The U.S. Senate is scheduled to conduct a key procedural vote on the Cryptocurrency Market Structure Act CLARITY Act on September 15, but pessimistic expectations have emerged within the Republican Party. Several senators have stated that if the White House cannot help narrow the differences, the bill may not be able to proceed in the Senate next week.

Procedural voting will take place on September 15th.

Reports indicate that the Senate has scheduled a procedural vote to cloture vote on H.R.3633, which is CLARITY Act, at around 2:15 p.m. Eastern Time on September 15th, that is, to conclude the debate and proceed to the subsequent voting.

North Carolina Republican Senator Thom Tillis stated this week that unless the White House steps in to coordinate, he believes the bill “will fail.” Wyoming Republican Senator Cynthia Lummis also said that if CLARITY Act cannot pass during this legislative session, the next real opportunity for the United States to advance crypto regulation legislation could be delayed until 2030.

The bill focuses on regulatory division and investor protection

CLARITY Act has recently been a focal topic of concern for the US cryptocurrency industry. The aim of the bill is to establish a clearer regulatory framework for digital assets, while also strengthening investor protection.

Supporters believe that if the bill is passed, market participants will have clearer expectations regarding compliance, custody, and business boundaries, which will also help to reduce the policy concerns faced by some institutions when entering the crypto market. The article also mentions that fraud and hacker attacks have long affected the industry's image, which is also a background factor driving legislation.

Banks and industry organizations call on the Senate to approve it

Reports mention that traditional financial institutions, including Bank of America and Citibank, support this bill, and some banks and industry insiders are calling on the Senate to push for its passage. On the White House side, Trump is also said to publicly support the bill, hoping to use it to further integrate crypto assets into the mainstream financial system of the United States.

However, even though the industry is preparing for an environment without the “CLARITY legislation,” corporate executives and investors still believe that written legislation provides more long-term certainty than relying solely on statements from regulatory authorities, and it is also more conducive to attracting long-term capital.

SEC is still working on advancing the supporting rules.

The article states that the U.S. Securities and Exchange Commission has indicated that it will submit new rules and proposals to update the custody system for crypto assets and provide clearer regulatory requirements for the industry.

However, from an industry perspective, CLARITY Act is still considered a more decisive legislative milestone. If the bill fails to overcome the Senate's procedural hurdles next week, the legislative process for crypto regulation in the United States may slow down again.