Key Takeaways
- The Senate failed to invoke cloture on the motion to proceed to the CLARITY Act.
- Grayscale said the result was “not the outcome we hoped for” but pointed to continued regulatory work at the SEC and CFTC.
- The vote came one day after Republicans released a final CLARITY Act draft containing 126 changes they said Democrats requested.
Grayscale Points to Regulatory Progress After Senate Vote
Grayscale is looking beyond Congress after the Senate failed Tuesday to advance the CLARITY Act to formal debate, arguing on X that the crypto industry continues to make progress through the work of federal regulators.
“Today, the Senate did not advance the CLARITY Act to formal debate. While this was not the outcome we hoped for, the industry continues to make remarkable progress through the ongoing work of regulators like the SEC and CFTC,” the firm stated.
The Senate voted against invoking cloture on the motion to proceed to H.R. 3633, the Digital Asset Market Clarity Act, according to the Senate Periodical Press Gallery. The procedural vote concerned whether the Senate would move forward with consideration of the legislation, not final passage of the bill.
Grayscale added:
“Grayscale remains committed to advancing clear, comprehensive rules for digital assets and we will continue to work constructively with policymakers and regulators so that U.S. crypto policy will continue to mature.”
Final CLARITY Draft Had 126 Democrat-Requested Changes
The failed vote followed an intensive effort to revise the legislation before the Senate’s 60-vote procedural test. Senate Republicans released a final version Sept. 14 containing policy changes they said Democrats requested. The revisions covered token classifications, issuer disclosures, Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC) oversight, decentralized finance, bank protections, developer safeguards, consumer enforcement and federal ethics restrictions.
The final draft came after weeks of negotiations over how digital assets would be regulated and which responsibilities would fall to the SEC and CFTC. Republicans characterized the 126 revisions as responses to Democratic negotiating requests, while disagreements over banking, stablecoins, ethics and state regulatory authority remained ahead of the vote.
Supporters continued pressing for the legislation through the eve of the vote. Ripple CEO Brad Garlinghouse backed Treasury Secretary Scott Bessent’s case for advancing the CLARITY Act, with Bessent arguing that the bill would provide additional tools to address risks involving community banks and stablecoins.
The Senate schedule had set the cloture vote for approximately 2:15 p.m. Sept. 15. Because cloture on the motion to proceed required 60 votes, the result prevented the chamber from moving into formal consideration of the measure.
Grayscale Turns Attention to SEC and CFTC Progress
Grayscale’s response placed particular emphasis on regulatory work continuing outside Congress. By highlighting the SEC and CFTC, the asset manager pointed to a separate route through which federal crypto policy can continue developing even while the CLARITY Act remains stalled in the Senate.
That distinction is central to Grayscale’s post-vote message. Congressional legislation could establish a broader statutory framework for digital asset markets, while the SEC and CFTC continue developing rules and policies within their respective authorities.
The failed cloture vote therefore halted the CLARITY Act’s immediate path to Senate debate rather than ending federal work on digital asset regulation. Grayscale pledged to keep working with both policymakers and regulators as U.S. crypto rules develop.
