SEC Chair Paul Atkins expects the Senate to advance the CLARITY Act on September 15, setting up a major test for U.S. cryptocurrency regulation. Atkins said he hopes lawmakers will pass the legislation and ultimately send it to President Donald Trump for his signature.

His comments add momentum to a bill that has faced delays in the Senate. The legislation would create the first comprehensive federal framework for digital assets and clarify the regulatory roles of the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC). That division of authority has long been contested ground: for years, crypto firms have faced uncertainty over whether a given token is a security under the SEC's jurisdiction or a commodity overseen by the CFTC, a dispute that has largely played out through enforcement actions rather than explicit statutory rules. The CLARITY Act is designed to resolve that ambiguity by defining which agency regulates which market activities.

September 15 Becomes Key Test

The Senate is scheduled to consider a cloture motion on September 15. The procedural step requires 60 votes and would allow lawmakers to move forward with debate.

However, the vote would not represent final passage of the CLARITY Act. Senators could still debate, amend, and vote on the legislation afterward. Any changes to the House-approved version could also require further action before the bill reaches the president.

Several issues remain under negotiation, including crypto rewards, ethics provisions, anti-money-laundering rules, and protections sought by parts of the banking industry.

SEC Advances Crypto Rules in Parallel

While Congress works on legislation, Atkins has also pushed the SEC to develop a broader digital asset framework. The agency recently proposed new rules covering certain crypto investment contracts and fundraising activities.

Atkins has argued that agency rules alone cannot provide the same long-term certainty as congressional legislation. A future SEC could change regulations, whereas a federal statute would establish a more durable legal framework.

The SEC's parallel approach could therefore complement the CLARITY Act rather than replace it. Atkins has indicated that the agency wants its regulatory framework to align with the legislation if Congress ultimately approves it.

The September 15 vote could become a pivotal moment for the U.S. crypto industry. A successful procedural vote would signal that lawmakers have found enough support to move the market-structure bill forward. Still, Atkins' optimism does not guarantee passage, and significant legislative hurdles remain before the measure could reach Trump's desk.