Paul Atkins, chair of the Securities and Exchange Commission, expects the CLARITY Act to advance this month, the legislation designed to clarify the division of regulatory authority between the SEC and the CFTC over digital assets. The U.S. Senate has scheduled a cloture motion on the bill for September 15, a procedural vote requiring 60 out of 100 votes to pass. Adopted by the House of Representatives with 294 votes against 134, the Digital Asset Market Clarity Act would classify sufficiently decentralized digital assets as commodities supervised by the CFTC, and introduce protections for self-custody and non-custodial DeFi. Negotiations are primarily stalled over the Trump family’s crypto activities through World Liberty Financial, with Elizabeth Warren making this issue her main argument for Democratic opposition.
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