Topic
U.S. congressional effort, centered on the CLARITY Act, to define SEC and CFTC jurisdiction over digital assets and set rules for crypto trading platforms.
US crypto holders on extension must file 2025 returns by October 15 or pay a failure-to-file penalty of 5% of unpaid tax a month. The percentage applies only to tax not paid in April, so the date costs most for filers who underpaid in spring and still cannot document their cost basis.
Reality
BitGo CEO Mike Belshe says the Senate's 50-49 vote that stalled the CLARITY Act lets single firms keep running an exchange, a brokerage and custody together. He thinks a failure at such a venue could be worse than Lehman, and reviving the bill means finding votes it lacked in September.
Reality
Fight Fight Fight LLC will seat the top 185 time-weighted holders of $TRUMP, a token about 97% below its peak, at a November 22 dinner with Donald Trump. Earlier rounds drew leaderboard buying that unwound once invitations went out, so the November 12 snapshot will test how much of the token's bid is for the seat.
Perspective Coverage
5 publishersReality
Crypto's 635-page Clarity Act stalled in the Senate with no realistic path back before year-end, Cato's Ryan Chan-Wei wrote. He blames an ethics dispute over conflicts at the highest levels of government, and that dispute will meet whatever bill the next Congress writes.
Perspective Coverage
18 publishersReality
Coinbase-backed Stand With Crypto named its first three Senate endorsements two weeks after the Clarity Act failed 49-50. The group funds no campaigns itself, so its main Ohio pick depends on PAC money, starting with Fairshake's $30 million pledge for Jon Husted against Sherrod Brown.
Reality
Bitwise CIO Matt Hougan says the Senate's Sept. 15 failure to advance the Clarity Act helped crypto, citing Bitcoin's roughly 8% gain since the vote. Half of his case is the status quo outliving the bill, and the rest is SEC relief that future regulators can change.
Reality
Fed proposals issued Sept. 24 would set stablecoin rules under the already-enacted GENIUS Act, nine days after the Clarity Act stalled in the Senate. Clarity's unresolved jurisdiction questions still lack a statute, and the SEC's crypto task force leader, Hester Peirce, leaves Oct. 2.
Reality
Three federal agencies moved on crypto rules within 48 hours of the Senate's 49-50 vote that stalled the Clarity Act. Only the stablecoin rules sit on a statute, so businesses using the SEC and CFTC relief hold permissions a later administration can withdraw.
Perspective Coverage
3 publishersReality
Galaxy Digital's estimate for the US market-structure bill has fallen from 75% in May to 10%. Firms budgeting for a statute should budget for SEC and CFTC rulemaking instead.
Perspective Coverage
3 publishersReality
The watchdog's tally lands while Trump lobbies the Senate for a fair version of the market structure bill, and the two sides of its ledger settle differently: about $1.44bn of fees in cash, $4.7bn of losses still a mark.
Perspective Coverage
3 publishersReality
A bill that began as a security-or-commodity question now includes a standby power over stablecoin rewards if community banks start losing deposits. The Treasury secretary decides when it fires.
Perspective Coverage
12 publishersReality
Senate Republicans rewrote the CLARITY Act on Sunday night and put their concessions into the text. Two of them add supervision over exchanges and stablecoin issuers, and one is relief for developers.
Reality
A 49-50 cloture vote left the crypto market-structure bill short of the 60 needed to open debate, so the SEC/CFTC jurisdictional split it would have created stays unwritten. Roadmaps dated against it now wait on a motion that failed its first vote.
Reality
The Senate blocked the Digital Asset Market Clarity Act 49-50 after a final draft absorbed 126 changes the Democratic caucus had asked for, and every Democrat and independent still voted against proceeding.
Reality
An American Banker column uses FDIC figures on 4.6% deposit growth and 5.1% loan growth since the GENIUS Act to argue that trade groups have the deposit-flight story backwards. The series runs one year.
Reality
Patrick Witt wants Democrats on the market structure bill by Sept. 15, and the fallback he describes if they refuse is rulemaking bounded by the authority the SEC and CFTC already have, an approach that depends on agency leadership the White House has not yet named.
Reality
The bill has cleared more checkpoints than almost any crypto market structure bill before it and still is not law, which leaves one post-midterm window to find floor time and reconcile two chamber texts.
Reality
More than $200 million of 2024 political spending bought accommodating regulators rather than a statute, and a Sept. 15 procedural vote is what now separates the industry from two more years of interpretive guidance.
Reality
The commission declared most coin offerings securities in 2018 and squelched a market that had raised more than $20bn that year. Its proposed exemption for smaller issuers hands that mechanic a rulebook.
Reality
The provisions carrying the national-security argument are the Bank Secrecy Act and Section 311 titles, and those are also the ones that make compliance cheapest for the largest exchange in the room, where the advocate happens to advise.
Reality
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