G20 Split on Crypto Laws as US Faces September Cloture Vote on CLARITY Act

Twelve G20 nations have already legalized digital assets. The United States is not one of them.

The Senate is looking at a September 15 procedural vote that could determine whether the country gets a federal crypto framework or remains outside the majority of the world's largest economies.

Senate Majority Leader filed a cloture motion on the CLARITY Act (H.R. 3633) on August 8. That sets up the September deadline. The bill would split regulatory authority over digital assets between the SEC and the CFTC, with the latter gaining primary oversight of "digital commodities."

The House passed its version in July 2025. The Senate Banking Committee marked up its own version in May 2026 and reported it out in June.

Cloture requires 60 senators to end debate and move toward a floor vote. It is a procedural step, not final passage.

Coinbase CEO Brian Armstrong said the September 15 vote is critical for making US rules "durable for the future."

According to the Atlantic Council's tracker, digital assets are fully legal in 12 G20 countries. Those economies represent over 57% of global GDP.

The Financial Stability Board's 2024 status report found that nearly all G20 members are either developing or have already enacted regulatory frameworks for crypto assets and stablecoins.

The European Union rolled out its Markets in Crypto-Assets Regulation, or MiCA. Japan has had a licensing regime for crypto exchanges for years.

The CLARITY Act draws a line between digital assets that qualify as securities and those that function more like commodities. Securities stay under the SEC. Digital commodities – a category expected to include established tokens like Bitcoin and Ether – would fall primarily under the CFTC.

The legislation also sets registration requirements and consumer protection standards. That would replace the current approach, where platforms often operate in gray zones until enforcement clarifies the rules after the fact.

September 15 is not the end even if cloture succeeds. A floor vote, a potential conference committee to reconcile the House and Senate versions, and presidential signature would follow.