The U.S. crypto market structure bill known as the Clarity Act is again seen as potentially advancing to a Senate vote despite a series of hurdles.

Blockchain outlet U.Today reported on Sept. 13 local time that Galaxy Digital CEO Michael Novogratz (마이클 노보그라츠) said the bill could still make it to the threshold of the full Senate floor.

On X, formerly Twitter, Novogratz said, "Clarity isn't dead," adding that negotiations continued over the weekend. He said he believes the bill could make it to the floor. Discussions have been delayed in recent months, but the market is again focusing on the possibility that the process could resume.

The biggest variable is seen as language related to government ethics. Novogratz pointed to the bill's government ethics provisions as one of the key remaining obstacles. He said, "It all depends on if we get the White House to move on ethics to see if we get a law."

The remarks came ahead of a key Senate procedural vote scheduled for Sept. 15. The vote is not the final passage step, but if it clears a major hurdle the bill could move to full Senate review and further amendments. With little room in the legislative calendar before the midterm elections, the political weight of this vote is also large.

The Clarity Act passed the Senate Banking Committee in May by a bipartisan vote of 15 to 9. In July, a revised bill combining work from the Senate Banking Committee and the Agriculture Committee was released. Another new amendment was released on Sept. 11 ahead of the Sept. 15 vote. The new draft, about 630 pages, included changes addressing DeFi and other issues.

Not all major differences have been resolved. Beyond the government ethics rules, some key issues still remain. Even if the procedural vote passes, further adjustments may continue in follow-up review.

Patrick Witt (패트릭 위트), executive director of the White House Digital Assets Advisory Council, also added to the optimism. On Sept. 12, he wrote on X, "Not a good day to be a Clarity bill pessimist." It was read as a sign that negotiations around the administration and Congress have not come to a complete stop.

Warnings also emerged about the fallout if the bill fails. Senator Cynthia Lummis, one of the key architects of U.S. crypto market structure legislation, said Democratic lawmakers had already secured the inclusion of more than 100 amendment requests. She said, "If the Clarity bill fails, the next outcome is on Democrats."

Lummis warned that if the bill is scrapped, crypto users would not secure comprehensive federal-level safeguards and disclosure standards. She also said a realistic chance to legislate market structure rules again may not come until 2030.

Against this backdrop, the Sept. 15 procedural vote is expected to be a turning point for the direction of discussions on U.S. crypto market rules. If the bill clears this hurdle, full Senate debate will begin in earnest. If it is blocked, the market structure legislative timetable itself is more likely to be prolonged again.

Clarity isn’t dead!! Lots of negotiating over the weekend. My instinct is the bill makes it to the floor. It all depends on if we get the White House to move on ethics to see if we get a law.