The Senate is back from recess. The CLARITY Act is still a bill. House passage in 2025, Senate Banking in the spring: held. A signature on the president’s desk: not held. MiCA, in the EU, already applies. That contrast is the piece.

CNBC, on 3 September, described the bill as hanging by a thread. Crypto.news has cited a 15 September cloture window. We treat floor timing as reported, not as a vote that happened. A cloture is not a law.

Circle’s Heath Tarbert told Congress on 2 September to finish the “market layer” after GENIUS laid the dollar layer. The 21-bank stablecoin sits in that gap.

The Senate is back. The text is not a law. MiCA already is. File the contrast.— The newsroom

For a French reader CLARITY does not rewrite a PSAN file. It rewrites the US map of SEC and CFTC, if it ever ships. Until then, US classification remains a mix of statute, agency, and court.

What is held, what is not

  • Held: House passage, Senate Banking, no enacted statute as of this sitting, MiCA already in force in the EU, public reporting of a difficult September floor.
  • Not held: a 15 September passage. A 60-vote lock. A commodity stamp on ether as statute. A trading call on US crypto names.

We will write the vote when there is a vote. Until then: a bill, a calendar, a European rulebook that did not wait.

Sources: Congress, CNBC, crypto.news, Circle testimony. Nothing here is investment advice.