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According to the official website of the New York State Attorney General’s Office, New York Attorney General Letitia James, joining attorneys general from 17 states including Arizona and California as well as the District of Columbia, formally opposed the Digital Asset Market Clarity Act (Clarity Act) in a September 14 letter to Senate Banking Committee Chairman Tim Scott and Ranking Member Elizabeth Warren. The coalition warned that the bill would undermine states’ law enforcement authority to combat cryptocurrency fraud, grant the SEC unilateral power superseding state registration authorities, and potentially destabilize the existing state securities regulatory framework. FBI data shows that losses from cryptocurrency-related complaints reached $11.4 billion in 2025, a 22% year-over-year increase; New York reported nearly $500 million in crypto fraud losses over the past five years. The attorneys general urged Congress to amend the legislation to explicitly preserve states’ law enforcement and registration regulatory authority over digital assets, and to strengthen law enforcement cooperation mechanisms between federal and state governments.
According to an analysis by Jiangzhuoer (@Jiangzhuoer2), CEO of Litecoin Pool, after Republicans released a new draft of the Clarify Act claiming concessions on 80% of the disputed provisions, Polymarket's passage probability rose accordingly from 14% to 28%. Upon closer inspection, however, the actual concession rate is around 60%, with only partial compromises made on key provisions. Under the ethics clause, the new draft expands restrictions to officials and their spouses but still excludes children and affiliated entities, a move criticized as having limited practical impact; regarding the enforcement clause, while it allows state attorneys general to sue exchanges for listing non-compliant tokens, it explicitly bars suing the Department of Justice for regulatory inaction or the President directly. Jiangzhuoer believes that Democrats lack any incentive to "hand Trump a gift" ahead of the midterm elections, making it unlikely they would endorse this "fake compromise." Consequently, the prospect of the procedural vote passing at 2:15 AM Beijing Time on September 16 is slim, and a failed vote on the Clarify Act could mark the beginning of a correction in the current BTC uptrend.
According to The Block, Bernstein analysts indicated that Senate Republicans' progress on the Clarity Act may surpass market consensus expectations. The Republican proposal has been finalized, incorporating 126 substantive amendments put forward by Democrats. President Trump has also endorsed most measures within the bipartisan ethics framework, including granting enforcement authority to state attorneys general. Bernstein pointed out that the crypto market currently holds a pessimistic view toward Tuesday’s procedural vote, with "any upside surprises not yet priced in." The probability of the bill's passage on prediction market platform Kalshi has climbed back above 30%. Analysts cautioned that a failure to pass the legislation, combined with hawkish remarks from the Federal Reserve, could trigger a "significant pullback" in markets. However, even if the bill fails, it will accelerate SEC and CFTC crypto regulatory rulemaking rather than derail broader regulatory efforts.
Odaily report: A Fox Business crypto reporter posted on X that U.S. Senate Republicans have released a new version of the "Clarity Act" text, which incorporates a revised ethics proposal agreed to by Trump and adjusts provisions related to the "Blockchain Regulatory Certainty Act," stablecoin yield, and the so-called "Ag" section. Republicans called this their "last, best, and final" offer to Democrats ahead of Tuesday's vote to end debate proceedings.The new text narrows the scope of the "Blockchain Regulatory Certainty Act" to the Bank Secrecy Act and civil enforcement, and removes specific language extending related protections to criminal cases, including prosecutions under Section 1960. The ethics proposal includes requiring Trump to sell "substantial" crypto-related financial interests or place them in a blind trust, and allows state attorneys general to enforce the ethics provisions; the stablecoin yield clause adds a "circuit breaker" mechanism, under which federal regulators can intervene if there is evidence of large-scale flows from community bank deposits into stablecoins, with Treasury Secretary Scott Bessent serving as the adjudicator.The "Ag" section adds new restrictions on vertical integration, including related-party transactions and conflicts of interest involving digital commodity exchanges, brokers, and dealers, and clarifies that state consumer protection laws still apply; the developer protection clause will not constitute an exemption from derivatives law, nor will it affect prediction markets.
The U.S. House Ways and Means Committee is scheduled to hold a markup on September 16 of a series of digital asset tax bills, moving crypto tax legislation toward a full House vote. The markup focuses on two core issues: when miners and stakers should be taxed on newly created tokens, and whether wash sale rules applicable to stocks should extend to digital assets.The two key bills are the "Mining and Staking Tax Clarity Act" H.R. 9175 and the "Applying Existing Tax Anti-Abuse Rules to Digital Assets Act" H.R. 9172. The former provides that miners and stakers need not pay tax immediately upon receiving new tokens, and can instead pay tax as ordinary income when the tokens are actually sold; the latter extends wash sale and constructive sale rules to actively traded digital assets, closing a tax loophole that crypto traders have exploited for years.
According to Forbes, Patrick Witt, Executive Director of the White House Digital Asset Advisory Committee, stated that the legislative window for the U.S. Crypto Market Structure Bill, the Clarity Act, is narrowing. If the procedural vote this week fails, there will be significant uncertainty regarding when the bill can advance again. The bill is currently scheduled for a procedural vote on September 15.
Odaily News: Reporter Eleanor Terrett stated that ahead of a key Senate vote, the new version of the Clarity Act text has been released. Senate Republicans have revised the DeFi and credit union-related provisions in the bill, but the White House remains silent on Trump-related conflict of interest and ethics issues.
US Senate Republicans released the latest version of the Clarity Act (Digital Assets Market Clarity Act), adjusting compliance requirements for DeFi entities and credit union provisions. Due to a lack of consensus on ethical protocols, Democrats have expressed reservations, leaving the bill's path to passage uncertain.
Odaily News: White House crypto advisor Patrick Witt stated that progress has been made on the various concerns raised by the Clarity Act. He said, "I feel pretty good about the progress." (Bitcoin Magazine)
According to CNBC, Coinbase CEO Brian Armstrong stated that the Clarity Act, aimed at clarifying the regulatory jurisdictions of the SEC and CFTC over digital assets, has garnered support from multiple senators and is expected to be voted on by the Senate on September 15. He also noted that even if the bill fails to pass, both the SEC and CFTC have indicated they will proceed with rulemaking, and regulatory clarity "will arrive regardless." On the business front, Coinbase is actively advancing its diversification strategy, expanding its trading operations into stocks, commodities, and foreign exchange, with non-trading revenue encompassing stablecoins and institutional custody services. The company reported second-quarter revenue of $1.2 billion, down year-over-year, and a net loss of $359.5 million, remaining below market expectations for three consecutive quarters. Year-to-date, Coinbase stock has declined by approximately 23%.
U.S. Treasury Secretary Scott Bessent has once again called on the Senate to advance the Clarity Act, stating that the legislation aims to establish a comprehensive regulatory framework for digital assets and strengthen the ability to combat related illicit activities. He urged senators to continue negotiations following the recess, agree to initiate the legislative consideration process, and move the bill forward, warning that failure to advance it would undermine U.S. leadership in the digital asset sector and limit its tools to address associated national security risks.
Bitcoin Magazine reports that the U.S. Senate will hold a cloture vote on the Clarity Act next week. Senator Cynthia Lummis stated that if the bill fails to pass next week, it will have little realistic chance of advancing before the end of 2029.
Senator Cynthia Lummis (@SenLummis) stated that if the Clarity Act is not passed during the current Congress, the next substantive opportunity for market structure legislation will be delayed until 2030, at which point the U.S. will bear a multi-year cost in employment, investment, and tax revenue.
The National Sheriffs' Association (NSA) announced that it will shift its stance on the Clarity for Digital Assets Act from opposition to neutrality, stating it will allow the legislative process to proceed.
U.S. Securities and Exchange Commission Chair Paul Atkins stated that the "crypto asset regulation" proposal is one of the most historic initiatives thus far to solidify the United States' position as the "global crypto capital," and noted that it aligns with his stance supporting Congress submitting the Clarity Act to the President for signature.
Odaily News: ETF Store President Nate Geraci stated that the U.S. SEC has once again signaled it will not wait for the Clarity Act to pass before advancing rulemaking for the crypto industry, effectively pushing Congress to accelerate its actions.Geraci cited related views, noting that as technology evolves and the competitive market environment continues to change, sound governance requires a re-examination of existing rules and regulatory frameworks.
Brian Armstrong stated on the X platform that the president is very perceptive in recognizing that the previous administration's crackdown on cryptocurrency left millions of Americans feeling disenfranchised. Now is the time to push forward the legislative process for the Clarity Act, a bill that will protect consumers. This legislation will benefit banks, law enforcement agencies, cryptocurrency companies, and most importantly, the American people.
Odaily News - U.S. President Donald Trump and his family have caused investors at least $4.7 billion in losses through digital asset projects since 2022. Consumer rights advocacy nonprofit Public Citizen stated that the related projects include the World Liberty Financial governance token, NFT trading cards, Official Trump (TRUMP), and Trump Media's digital asset reserve.Among these, TRUMP investors lost approximately $3.2 billion, while USD1 stablecoin investors did not suffer significant losses. Public Citizen noted that the losses from TRUMP primarily reflect a transfer of wealth to a small number of early buyers, rather than funds disappearing outright. Donald Trump also earned $7.2 million from NFT licensing fees and royalties, as well as over $600 million from World Liberty token sales and equity sales.Public Citizen also called for adding ethical standards to the Digital Asset Market Clarity Act (CLARITY Act), requiring the U.S. President and his family to withdraw from related industry projects. Trump met with crypto company executives last week and called for passing a "fair version" of the bill. The Senate is scheduled to vote on a procedural motion on September 15, and advancing the bill requires support from at least 60 senators. (Cointelegraph)
Odaily News - Investment manager Lawrence Lepard, author of The Big Print, stated that even if the CLARITY Act (Digital Asset Market Clarity Act) passes the Senate with 60 votes, stablecoin demand will not be sufficient to improve the current state of the U.S. Treasury market.He noted that the current stablecoin market cap stands at approximately $255 billion, primarily backed by U.S. Treasuries purchased by Circle and Tether, down from $263 billion in January. The U.S. Treasury needs to roll over more than $8 trillion in debt annually, with stablecoins covering only about 3% of that amount.In 2025, the share of U.S. debt held by foreign entities has dropped to 32%, down from 57% after the financial crisis. Coinbase Chief Policy Officer Faryar Shirzad stated that dollar-backed stablecoins could convert overseas demand for digital dollars into demand for U.S. Treasuries. (Bitcoin.com News)
Odaily News: The Bank Policy Institute (BPI), an organization representing major banks including JPMorgan, Bank of America, Wells Fargo, and Citi, has proposed that the U.S. Treasury's Financial Crimes Enforcement Network (FinCEN) expand Customer Identification Program (CIP) requirements to stablecoin secondary markets, covering exchanges and other platforms that establish direct account relationships with retail customers.BPI stated that relevant exchanges and platforms handle a substantial volume of purchasing and selling activity within the payment stablecoin ecosystem, and that the majority of stablecoin-related illicit activity occurs in this space. Should the proposal be incorporated into the rules, affected platforms would be required to collect customer information under the Bank Secrecy Act, and decentralized exchanges could also fall within the regulatory scope.FinCEN's proposed rule notes that secondary market transactions of stablecoins on the blockchain typically involve anonymous or pseudonymous identities, with no centralized node collecting identity information, and that issuers have limited ability to gather customer data from secondary markets. BPI has also joined other banking organizations in opposing the current version of the Digital Asset Market Clarity Act. (Bitcoin.com News)