CLARITY Act: crypto bill remains stalled in the U.S. Senate as SEC and CFTC advance targeted measures

A bill still in limbo

According to Le Journal du Coin, the CLARITY Act, a U.S. bill designed to organize cryptocurrency markets, remains stalled in the Senate as of October 12, 2026. The bill did not clear the procedural vote of September 15. The outlet notes that a possibility of reconsideration exists, but no new vote has been announced.

What the September 15 vote showed

Le Journal du Coin, which relies on the Senate's official record, reports that 49 senators voted in favor and 50 against, with one absence. Sixty votes were needed to pass. Democrats present opposed the bill, as did four Republicans: Susan Collins, Josh Hawley, Jerry Moran and Thom Tillis. Chris Coons did not take part in the vote.

The outlet points out that this vote did not decide the bill's final adoption. It concerned ending the filibuster against the motion that was to open floor debate. Its failure therefore halted the bill's progress.

A motion to reconsider, no date set

According to Le Journal du Coin, Thom Tillis has filed a motion to reconsider, which keeps the prospect of a new vote open. The bill could therefore still return to the Senate before the end of the current Congress. Its supporters, however, still need to gather 60 votes to unblock consideration.

The outlet mentions a possible revival after the November elections. If the matter slipped into 2027, the legislative process would have to start again in a new Congress.

Concessions that were not enough

According to Le Journal du Coin, last-minute adjustments did not build a sufficient majority. Republican sponsors said they had incorporated 126 amendments, notably concerning ethics rules, developer protections and the risk that bank deposits migrate to stablecoins. Democrats nevertheless considered the safeguards against conflicts of interest insufficient, especially given the crypto activities of the Trump family.

Agencies keep moving forward

Le Journal du Coin stresses that the congressional deadlock does not halt regulatory work. On September 17, the SEC granted temporary, conditional exemptions so that certain tokenized securities could trade on new platforms. These securities must in particular retain the rights attached to conventional shares. The outlet specifies that this concerns securities markets, not all cryptocurrencies.

On the CFTC side, the outlet reports that a preliminary consultation phase opened on October 5. It covers how to frame crypto transactions aimed at retail investors and relying on margin, leverage or financing. The agency is considering a dedicated category of platforms. Le Journal du Coin emphasizes that this is a work in progress, not rules in force.

Analysis: regulation in stages

This analysis rests solely on the elements reported by Le Journal du Coin. The SEC's and CFTC's initiatives fall within the agencies' existing powers. They do not automatically confer the new authority that the CLARITY Act would have provided, such as broader oversight of the spot crypto market. The picture is therefore one of a bill at a standstill and a framework advancing sector by sector. According to the outlet, the agencies are delivering concrete responses, but the political compromise needed for a comprehensive law is still lacking, despite pressure from the U.S. crypto industry.