Senate Does Not Advance CLARITY Act; SEC and CFTC Take Limited Steps
The U.S. Senate did not open debate on the CLARITY Act. Meanwhile, the SEC and CFTC announced separate measures under their existing authority, but these do not constitute comprehensive cryptocurrency regulation.
The U.S. Senate did not advance the CLARITY Act to further debate on September 15. This was not a final vote to pass or reject the bill, but an unsuccessful procedural motion to begin consideration. The federal statutory framework for cryptocurrency market structure therefore has not moved forward for now, although another procedural step or revised version of the bill cannot be ruled out.
In the following days, the SEC and CFTC announced separate steps under their existing authority. However, these measures do not directly concern the classification of XRP, Bitcoin, or Solana and do not replace comprehensive legislation such as the CLARITY Act.
Senate Has Not Yet Advanced the CLARITY Act
The procedural vote on September 15 was intended to allow debate on the CLARITY Act to continue. Since it failed, the Senate did not reach the bill’s text itself at this stage.
It would therefore be inaccurate to describe the bill as definitively dead. The legislation was not passed, but neither did it undergo a final vote that would have closed its legislative path. It remains open whether the Senate will resume debate or whether a revised version of the bill will emerge.
The failed vote delays adoption of a federal framework intended to address the structure of the U.S. cryptocurrency market. In the meantime, regulatory agencies can act only within the scope of authority they already possess.
SEC Approves Limited Exemption for Tokenized Stocks
The Securities and Exchange Commission (SEC) approved a time-limited initiative labeled Innovation Exemption on September 17. Under specified conditions, the exemption applies to certain onchain trading of tokenized NMS stocks.
This is therefore a step related to tokenized stocks, not a general rule for cryptocurrencies. The measure cannot be interpreted as a direct change to the legal status of XRP, Bitcoin, or Solana.
On August 18, the SEC also submitted a proposal for a separate rule, Regulation Crypto Assets. That document remains a proposal in a public comment process, not final regulation issued during the current week.
CFTC Issues Guidance for Passive Software
On September 17, the Commodity Futures Trading Commission (CFTC) published a no-action statement for passive software providers. Under defined conditions, the statement concerns the registration of such providers.
A no-action statement does not mean a generally applicable new rule for the entire cryptocurrency sector. Its practical scope will depend on the full text and the specific conditions established by the CFTC.
These Are Not New Rules for XRP, Bitcoin, and Solana
The events of September 17 are sometimes interpreted as an immediate replacement for the legislative failure or as a series of new rules for individual major cryptocurrencies. The available materials do not confirm such an interpretation.
The SEC measure addresses limited onchain trading of tokenized NMS stocks. The CFTC statement focuses on the registration of certain passive software providers. Without a separate decision by the relevant regulator, a direct change in the legal status of XRP, Bitcoin, or Solana as a result of these steps cannot be confirmed.
What to Watch Next
- whether the Senate resumes debate on the CLARITY Act or introduces a revised proposal,
- the full conditions and practical application of the CFTC’s no-action statement,
- the public comment process for the SEC’s Regulation Crypto Assets proposal,
- any separate statements from the SEC or CFTC that directly address the classification or trading of XRP, Bitcoin, or Solana.
Sources
- Senator Cynthia Lummis – Press Releases – Confirms that the vote on a motion to continue consideration of the CLARITY Act did not pass on September 15, 2026.
- SEC – Statement on the Innovation Exemption – Confirms the SEC’s approval of a temporary conditional exemption for limited onchain trading of tokenized NMS stocks on September 17, 2026.
- CFTC – Latest News – Reports the CFTC’s issuance of a no-action statement for passive software providers on September 17, 2026.
- SEC – SEC Proposes New Regulation Crypto Assets – Confirms that “Regulation Crypto Assets” is a proposal from August 18, 2026, not a new final rule from this week.
- The Block – Clarity Act preliminary vote falls short in Senate – Independently describes the Senate’s unsuccessful procedural vote and its political context.
Verified and updated: September 18, 2026, 15:21
