# H.R. 3633, the Digital Asset Market Clarity Act, faces a 15 September 2026 Senate cloture vote that would only open floor debate on the July 22 substitute splitting SEC and CFTC jurisdiction over digital assets > Senate cloture on H.R. 3633 is set for 15 Sept 2026. The July 22 Clarity Act substitute would split SEC–CFTC crypto jurisdiction; 60 votes only open debate. - **Source:** https://ptycoin.com/en/posts/2026-08-27-hr-3633-clarity-act-sept-15-cloture/ - **Published:** 2026-08-27 - **Category:** Policy - **Author:** Diego - **Tags:** regulation, compliance, institutional, self-custody, exchanges, latam - **Also published in:** [Español](https://ptycoin.com/es/posts/2026-08-27-hr-3633-clarity-act-sept-15-cloture/) --- Senate Majority Leader **John Thune** filed cloture on the motion to proceed to [**H.R. 3633**](https://www.congress.gov/bill/119th-congress/house-bill/3633), the **Digital Asset Market Clarity Act**, on **8 August 2026**, after confirming there would be no August floor vote before the recess. [CryptoSlate](https://cryptoslate.com/clarity-gets-a-september-senate-floor-date-as-cftc-signals-a-limited-regulatory-fallback/) and contemporaneous Senate coverage place the procedural test on **15 September 2026**. Cloture here is a 60-vote gate to *begin* debate on the July 22 substitute text. It is not final passage, and the bill is not law. ## How H.R. 3633 got to a September cloture date The House passed its Clarity vehicle in **July 2025**. In the Senate, the Banking Committee advanced a market-structure draft on **14 May 2026** by a **15–9** bipartisan vote, a timeline [Senator Cynthia Lummis](https://www.lummis.senate.gov/press-releases/lummis-releases-updated-clarity-act-text/) recited when she released the merged substitute. On **22 July 2026**, Lummis published an [amendment in the nature of a substitute](https://www.lummis.senate.gov/wp-content/uploads/Clarity-Act.pdf) for H.R. 3633 that combines the Banking Committee's SEC and banking titles with the Agriculture Committee's CFTC digital-commodity titles, plus illicit-finance, DeFi, banking, customer-protection, and ethics divisions. Her office also posted a [section-by-section](https://www.lummis.senate.gov/wp-content/uploads/CLARITY-Act-Sec-by-Section-1.pdf) of that same draft. NYDIG's [24 July read](https://www.nydig.com/research/claritys-next-test-cloture-coalition-and-the-clock) put the merged PDF at roughly **616 pages** and stressed the political math: with a handful of Republican holdouts possible, leadership still needs a credible path to **60** votes, not a simple majority. Seven Democrats often named as coalition targets publicly said the Republican proposal "falls short" on ethics, consumer protection, and illicit finance. Thune's early-August cloture filing preserved a September window instead of forcing a cold restart after recess. Status, stated plainly: the operative Senate text for scoring is the **22 July 2026** Lummis substitute. Floor managers can still rewrite it by amendment if cloture succeeds. Nothing in that PDF binds markets until Congress enacts a conference product and the President signs it. ## What the July 22 substitute actually does **Division A, Title I** draws the SEC side of the map around **ancillary assets** (network tokens whose value depends on entrepreneurial or managerial efforts of an originator). Sec. 10102 requires initial and semiannual disclosures for covered transactions. Sec. 10103 directs the SEC to adopt an exemption the draft calls **Regulation Crypto**: an ancillary-asset originator may raise the greater of **$50 million** in gross proceeds per calendar year for up to **four years**, or **10%** of the dollar value of outstanding ancillary assets, and may not raise more than **$200 million** total in reliance on that exemption, while meeting the disclosure track. Tokens themselves are treated as commodities once the investment-contract layer is handled under those rules. Originators or intermediaries can also certify that essential managerial efforts have ended, which stops the ongoing SEC disclosure clock under the draft's terms. **Division B**, the **Digital Commodity Intermediaries Act**, is the CFTC half. It creates federal registration for **digital commodity exchanges (DCEs)**, **brokers (DCBs)**, **dealers (DCDs)**, pool operators, trading advisors, and **qualified digital asset custodians (QDACs)**, with core principles on surveillance, segregation, disclosures, and system safeguards (secs. 20204–20208 in the section-by-section). Spot digital-commodity markets get a dedicated federal home they have lacked outside fraud and manipulation cases. **Self-custody is written in twice.** Sec. 20216 defines a **self-custodied digital asset** as one whose owner keeps exclusive control of the private keys without a third-party custodian. Sec. 10605, the **Keep Your Coins Act**, says a federal agency may not prohibit, restrict, or impair a covered U.S. individual's ability to self-custody with a self-hosted wallet for lawful purposes, while preserving BSA, sanctions, and other illicit-finance enforcement. Separately, Sec. 10307 lets Treasury issue guidance for institutions that touch self-hosted wallets, but that guidance **may not** generally require collecting personally identifiable information on a wallet controller who is not both the institution's customer and a party to the transaction (sanctions and lawful process excepted). **DeFi and software.** Title III distinguishes non-decentralized trading protocols (control, discretion, or ability to alter or censor operations) and points SEC/Treasury rulemaking at those controlled front ends, not at pure protocol code. Division B Sec. 20209 exempts specified developer activities (publishing software, validating, non-custodial wallets, user interfaces) from CFTC registration while keeping anti-fraud and anti-manipulation authority. **Stablecoin yield.** Sec. 10404 of the July 22 text prohibits paying interest or yield on payment stablecoins in the manner the draft restricts. Payment stablecoins themselves remain a **GENIUS Act** product; Clarity is the market-structure companion, not a rewrite of the July 2025 stablecoin statute we tracked at the [one-year rulemaking checkpoint](/en/posts/2026-07-09-genius-act-stablecoin-rulemaking-deadline/). **Ethics (Division C).** Secs. 30101–30102 ban certain digital-asset transactions by covered officials and set related ethics requirements. That block is the loudest coalition fight in the July–August coverage: Democrats want stronger enforceable limits; some Republicans resist the breadth. It is also the section most likely to move if managers cut a deal before or after cloture. ## Who feels this outside Washington For **U.S. intermediaries**, Clarity is a licensing and books-and-records bill: which desk is an SEC digital-asset intermediary, which venue is a CFTC DCE, where customer assets must sit in a QDAC, and how BSA treatment attaches to digital-commodity brokers and exchanges (Sec. 10201). For **token projects**, the practical delta is the Regulation Crypto fundraising box and the ancillary-asset disclosure cycle, not a promise that every token is forever outside securities law. Primary raises that touch U.S. persons would live inside those caps and filings if the statute lands roughly as drafted. For **LatAm builders and users**, the bill does not rewrite Pix, SPEI, Bre-B, or local VASP registries. The regional hook is secondary and real: teams that raise from U.S. investors, list on U.S.-touching venues, or ship dollar tokens through GENIUS-permitted rails inherit whatever SEC–CFTC map Congress locks in. Argentina's CNV PSAV track and Brazil's BCB SPSAV file-by-**30 October 2026** deadline ([Resolução BCB nº 520](/en/posts/2026-07-30-brazil-bcb-520-spsav-oct-30-deadline/)) are separate local regimes; Clarity is the U.S. overlay on capital formation and spot commodity trading. Dollar stablecoins that already dominate LatAm payments still run first through [GENIUS implementing rules](/en/posts/2026-07-09-genius-act-stablecoin-rulemaking-deadline/), including the CIP fight over direct issuer redemptions that landed in August comment letters. While the Senate calendar slipped, the SEC on **18 August 2026** proposed [**Regulation Crypto Assets**](/en/posts/2026-08-19-sec-regulation-crypto-assets/) as agency exemptions and a safe harbor. That package can move on a comment clock even if H.R. 3633 stalls; it cannot grant the CFTC the full spot digital-commodity registration scheme Division B would create. CFTC Chair **Michael Selig** said on **20 August**, per [CryptoSlate](https://cryptoslate.com/clarity-gets-a-september-senate-floor-date-as-cftc-signals-a-limited-regulatory-fallback/), that the agency would start taking market steps under existing authority if Clarity kept stalling. Agency work is a partial substitute, not a statute. ## What 15 September actually decides A successful cloture vote lets the Senate proceed to H.R. 3633. It does not enact the July 22 text. Failure leaves leadership looking at a thin autumn calendar before election recess, with midterms in November. Even a yes vote implies amendment fights, a possible second cloture, House-Senate reconciliation, and a signature before anything is operative. The draft's own effective-date pattern (roughly **360 days** after enactment for many provisions, later for some rulemakings in the section-by-section) means product and compliance builds would still have a runway after any signing. If you operate a U.S.-facing exchange, broker, or custodian: map your activities against the DCE/DCB/DCD/QDAC vocabulary and the ancillary-asset disclosure track, and treat both as **draft** until enacted text exists. If you raise or advise on a token sale that may touch U.S. persons: read Sec. 10103's dollar caps and disclosure conditions in the [July 22 PDF](https://www.lummis.senate.gov/wp-content/uploads/Clarity-Act.pdf), and compare them to the SEC's separate August proposal. They are not the same instrument. If you hold keys yourself: the Keep Your Coins and self-custodied-asset language is protective on paper and still subordinate to BSA and sanctions enforcement. Do not read a draft section as a live shield. This is a reading of a filed cloture path and a published substitute amendment, not legal, tax, or investment advice. Verify operative wording on the [Lummis July 22 substitute](https://www.lummis.senate.gov/wp-content/uploads/Clarity-Act.pdf), the [section-by-section](https://www.lummis.senate.gov/wp-content/uploads/CLARITY-Act-Sec-by-Section-1.pdf), and the [congress.gov bill page for H.R. 3633](https://www.congress.gov/bill/119th-congress/house-bill/3633) before you change a product plan. ## Takeaway **H.R. 3633** reaches a **15 September 2026** Senate **cloture** vote on the motion to proceed after Thune's **8 August** filing. The scored text is Lummis's **22 July 2026** substitute: SEC-side ancillary-asset disclosures and a Regulation Crypto raise box ($50 million per year / four years, $200 million lifetime cap in the draft), CFTC-side digital-commodity intermediary registration, explicit self-custody protections, and an ethics title that still divides the coalition. Sixty votes only open the floor. Watch whether managers cut an ethics deal, whether the July 22 dollar caps survive amendment, and whether agency rulemaking fills gaps if the calendar runs out. --- ## Keep reading - [Self-Custody Wallet Statements for Brazil's DeCripto Reporting](https://ptycoin.com/en/posts/2026-06-16-brazil-decrypto-self-custody-wallet-statements/index.md): Brazil's DeCripto rules take effect July 2026: self-custody users above the R$35,000 monthly non-intermediated threshold must file via e-CAC. Covers which records to keep and how to export them. - [Hardware Wallet Form Factors: Cards, USB, and Air-Gapped](https://ptycoin.com/en/posts/2026-06-09-hardware-wallet-form-factors-latam/index.md): Card, USB, or air-gapped? This practical guide compares the three main hardware wallet form factors — portability, climate durability, backup UX, and who each design suits best in Latin America. - [Self-Custody 101: Moving Your Crypto Off an Exchange Safely](https://ptycoin.com/en/posts/2026-06-05-self-custody-101-moving-crypto-off-exchange/index.md): Take control of your cryptocurrency. This step-by-step guide shows beginners how to safely move crypto from an exchange into a hardware wallet you control, with concrete checks that prevent the most common — and costly — mistakes. --- Source: PTYcoin — https://ptycoin.com/en/posts/2026-08-27-hr-3633-clarity-act-sept-15-cloture/. Free to read and cite with attribution to ptycoin.com. AI-usage terms: https://ptycoin.com/en/ai-usage/