Contrary to the framing of most publications, the CLARITY Act vote on 15 September is actually a cloture vote – a means by which the US Senate avoids filibusters. What actually happens is that once the 60 vote threshold is reached (necessary for a successful cloture vote), the Senate can then begin to discuss the vote proper, in preparation for the actual passage.

Even if the cloture vote succeeds, there is another long process of debate, amendments, negotiations that will culminate in a final passage vote, which is when the legislation will truly come into force.

If the vote does not succeed (which seems likely based on sources from some senators), the bill will not proceed for further discussions in the Senate and there is no window for discussion until the next Congress. What will happen is that crypto regulations will continue to be overseen by regulators such as the SEC and CFTC, such as the newly released “Regulation Crypto Assets” by the SEC.

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