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Bitcoin rose 37% over 39 days to reach an eight-month high near $86,000 on Monday, according to Yahoo Finance. The rally followed Congress's failure to pass a crypto 'Clarity Act' and the SEC's announcement of a five-year 'innovation exemption' allowing tokenized U.S. stocks to trade via automated market makers on public blockchains, per CoinDesk.
After the Clarity Act failed to advance in the Senate, the SEC issued an order creating a temporary pathway for trading tokenized stocks, and the CFTC submitted a crypto rulemaking proposal to the White House for review the same day. Details of the CFTC proposal have not been made public, though the Office of Management and Budget confirmed it is pending review.
The SEC issued an order Thursday creating an immediate regulatory pathway allowing certain trading venues to offer tokenized versions of publicly traded U.S. stocks. The five-year exemption requires token holders to retain the same rights as traditional shareholders and lets companies object to having their securities tokenized. The move follows the Senate's failure to advance the Clarity Act, a crypto market structure bill, two days earlier.
Nvidia CEO Jensen Huang publicly dismissed Anthropic CEO Dario Amodei's proposal for antitrust exemptions that would let AI companies coordinate a slowdown in development, calling it unnecessary. OpenAI CFO Sarah Friar separately said she isn't concerned about pausing AI progress, arguing the intelligence already built is substantial enough to matter even if development stopped now.
A major cryptocurrency market-structure bill known as the Clarity Act has failed to advance, even after the industry poured hundreds of millions of dollars into lobbying efforts to secure its passage. The setback leaves crypto firms without the clearer federal rules they had hoped would settle long-running regulatory disputes.
The US Senate failed to muster the 60 votes needed to advance the Digital Asset Market Clarity Act, a bill meant to divide crypto oversight between the SEC and CFTC. Democrats blocked the measure over inadequate ethics provisions limiting officials, including President Trump, from profiting off crypto ventures while in office. Bitcoin, Ether, XRP, and Solana all dropped following the vote.
A Senate procedural vote to advance the Clarity Act failed 50-49, short of the 60 votes needed, halting progress on legislation meant to create a comprehensive regulatory framework for digital assets. Republicans had added ethics provisions over the weekend to address Democratic concerns about officials profiting from crypto ventures, but the changes failed to win over enough Democrats, including negotiator Sen. Ruben Gallego, who said the ethics compromise was insufficient.
Bitcoin, XRP and crypto-linked stocks including Coinbase traded lower in premarket sessions as investors awaited a Senate vote on the Clarity Act, legislation that would establish regulatory rules for digital assets. Market sentiment across the sector has turned cautious ahead of the outcome.
Coinbase CEO Brian Armstrong told CNBC he expects the Clarity Act to pass the Senate on Sept. 15, citing support from crypto firms, banks and law enforcement groups. He added that even if the bill fails, the SEC and CFTC have signaled readiness to issue their own rulemaking, meaning digital asset oversight will be clarified either way.
The House of Representatives has trimmed its September calendar down to only four voting days, sharply reducing the window for lawmakers to act on pending legislation. Among the bills losing time is the CLARITY Act, considered the crypto industry's top remaining legislative priority in Congress.
The Clarity Act, a bill meant to set clear market-structure rules for digital assets by dividing oversight between the SEC and CFTC, failed to get a vote before the Senate's August recess. Senate Majority Leader John Thune has now scheduled a procedural vote for September 15, but unresolved disputes over stablecoin rewards and ethics provisions tied to President Trump's crypto holdings could still stall progress. Industry figures, including SALT CEO John Darsie, say they doubt the bill can pass before the 2026 midterms complicate the legislative calendar.