Melker Bengtsson
TL;DR
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The CLARITY Act fell 11 short, with 49 yes votes out of 60 needed, as ethics was still the sticking point.
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No Democrat crossed the aisle, while four Republican senators voted no: Collins, Hawley, Moran and Tillis.
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Tillis's motion to reconsider is currently pending, which means the vote is still in play, maybe even before recess.
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Even without a law, there's still a chance to regulate via agencies, and some of that groundwork has already been done.
11 short. That’s what the final tally of the CLARITY Act showed. Not really close, in the end. 49 yes’ out of 60 needed. Who were the senators that sank it, is it dead or can it come back and what happens while there’s no market structure bill?
No Democrat Crossed the Aisle
First of all, no Democrat crossed the aisle. All voted no. Even Gillibrand, the Democratic senator who reportedly pushed the hardest to pass the bill. And ethics was still the sticking point. Democrats argue that if these provisions were implemented, President Trump could still profit. Partly because the bill would give enforcement powers to agencies controlled by the President and partly because of who can prosecute and be prosecuted. The current proposal does include spouses but no-one else in the family.
Elissa Slotkin, Democratic senator from Michigan addressed the family issue directly in her statement on the vote:
The ethics provisions in this bill are simply too thin. President Trump, his children, and his Cabinet are making billions of dollars in the crypto space, in part from bilking everyday Americans out of their hard-earned money.
Ruben Gallego, Democratic senator from Arizona and co-author of the Tillis-Gallego ethics proposal, commented on the vote:
This legislation failed squarely because Republicans refuse to say no to the president.
Four Republican Nos
Additionally, four Republican senators did cross the aisle and voted no: Collins, Hawley, Moran and Tillis. Hawley was probably the most obvious. He’s been vocal about the risk stablecoin rewards pose to community banks and the changes that added guardrails to prevent deposit flight apparently weren’t enough.
Tillis was the most unexpected but that has a good explanation. Tillis was one of the creators of the bill and negotiated both the stablecoin rewards section and the ethics provisions. He first voted yes, but later changed his vote to no. The reason for this was that only someone who voted for the winning side may move to reconsider.. That opens the chance for a second CLARITY Act vote soon.
The CLARITY Act Vote Is Still in Play
Tillis’s actions means the vote is still in play, maybe even before recess. His motion to reconsider is currently pending.
This is not the end for the Clarity Act. We've made substantial bipartisan progress in large part because of the White House. This procedural motion allows us to continue working towards a positive outcome. https://t.co/mNFxcGMtfU
— Senator Thom Tillis (@SenThomTillis) September 15, 2026
This is actually how the GENIUS Act was finally pushed through the Senate. The first vote failed 48-49 but a reconsider motion got a second cloture vote and the act eventually passed 66-32 just eleven days later. This time, however, there’s less time to work with.
The House is out campaigning for midterm elections from next week, the Senate closes in October and doesn’t open back up until the second week of November. John Kennedy, Republican senator from Louisiana said the bill may have to wait when the Senate schedule is less hectic.
Agencies Will Cover the Gap
Even without a law, there’s still a chance to regulate via agencies. SEC Chair Paul Atkins said in a speech on Monday night, just before the vote:
...with or without that legislation, this Administration will deliver for American investors and technological innovators—which is immensely important to our markets and to those who participate in them.
Back in August, CFTC Chair Michael Selig said:
If CLARITY continues to stall because of Democratic obstruction, the CFTC will utilize its existing authorities to begin establishing a regime for crypto asset markets.
In fact, some of that groundwork has already been done. The SEC and the CFTC signed a memorandum of understanding in March and issued a joint five part token taxonomy. These are issues that the bill would have settled once and for all. Agency practices change between administrations.
While they intend to move swiftly, neither agency has yet made a move post-vote and no statement has been issued.
Far From Dead
So, there’s still a minuscule chance that the CLARITY Act gets another vote soon, which is similar to how the GENIUS Act got passed, thanks to senator Tillis. And even if that vote doesn’t happen, it’s far from dead. The actual market structure act has broad bipartisan support and passed the house with 78 Democratic votes. If there can be another compromise on the ethics provisions, the bill has a good chance. In the meanwhile, agencies will cover the gap left by its absence.
