Ahead of the CLARITY Act's Key Procedural Vote: Democratic Counterproposal, 18 State Attorneys General Opposition, and SEC/CFTC Regulatory Division Explained

Core Summary: As of September 14–15, 2026, ahead of the key procedural vote on the CLARITY Act in the U.S. Senate, Republicans call their latest text the “last, best, and final offer,” but Senate Democrats are preparing a counterproposal; meanwhile, 18 state attorneys general led by the New York Attorney General have sent a joint letter to Senate Banking Committee leaders opposing the bill, arguing it would weaken state oversight of the crypto industry. According to Cointelegraph, the vote outcome remains uncertain, and the specific date must be based on the Senate Banking Committee's announcement.

CLARITY Act Current Version and Key Procedural Vote Points

What are the goals of the CLARITY Act?

The CLARITY Act aims to establish a federal market structure for digital assets, clarify whether they fall under securities or commodities law, and divide regulatory responsibilities between the SEC and CFTC. This legislative direction seeks to resolve the long-standing ambiguity over digital asset jurisdiction, but as of September 15, 2026, the bill text remains in bipartisan negotiation with no final version yet.

What stage is the current vote at?

According to Cointelegraph on September 15, 2026, Senate Democrats are preparing to offer a counterproposal to the Republicans' latest revised CLARITY Act text, which Republicans call the “last, best, and final offer.” This means substantial negotiations still exist before the procedural vote, and the specific vote date and outcome must be based on the official announcement of the Senate Banking Committee, not presumed.

Democratic Counterproposal and Negotiation Dynamics

What are the specific contents of the counterproposal?

According to Cointelegraph on September 15, 2026, Senator Mark Warner said that Democrats, who have been working in good faith, are sending a counterproposal. However, the full text of the counterproposal has not been publicly disclosed, and specific amendment clauses and disputed points regarding regulatory division must be based on formal documents released by the Senate Banking Committee or relevant lawmakers' offices.

What does “last, best, and final offer” mean?

Republicans call the revised text the “last, best, and final offer,” indicating that their room for further concessions may be limited. This phrasing is interpreted by media as Republicans wanting to push the bill to a key vote as soon as possible, but it does not guarantee passage; the existence of the Democratic counterproposal means both parties may still adjust the text in the final stage.

18 State Attorneys General Opposition: State Rights and Consumer Protection

Who is leading the opposition?

According to Cointelegraph on September 14, 2026, 18 state attorneys general led by New York Attorney General Letitia James sent a joint letter to Senate Banking Committee leaders opposing the CLARITY Act. Public reports do not yet list all 18 states; the specific states and the full letter must be verified through each state attorney general's office or the Senate Banking Committee.

What is the core reason for opposition?

The opposition letter states that the CLARITY Act would weaken state oversight of the crypto industry. The core concern is that the federal market structure may replace or restrict existing state digital asset licensing, consumer protection, and enforcement mechanisms. As for which laws in which states would be directly affected, there is currently no public state-by-state legal impact analysis.

Will state-level regulation be weakened as a result?

From the opposition letter's position, the 18 state attorneys general believe there is a risk of weakening; but supporters of the bill may argue that a uniform federal framework helps reduce fragmentation. Ultimately, it depends on the specific text after passage and the federal/state authority division. Before the full text and vote results are released, this site cannot confirm the actual degree of weakening.

SEC/CFTC Regulatory Division and Ethics Restriction Progress

How do the SEC and CFTC divide digital asset jurisdiction?

One of the core goals of the CLARITY Act is to clarify whether digital assets fall under securities or commodities law, and accordingly divide responsibilities between the SEC and CFTC. But as of September 14, 2026, public reports have not disclosed the complete text of the specific division clauses, so it is impossible to confirm which digital asset categories would be classified as securities or commodities, and the specific compliance paths for issuance, trading, and custody.

What does Trump agreeing to about 80% of the ethics restriction proposal mean?

According to Cointelegraph on September 14, 2026, Trump has agreed to about 80% of the content in the strengthened cryptocurrency ethics restriction proposal put forward by Republican Senator Thom Tillis and Democratic Senator Ruben Gallego. This shows the White House is open to some ethics restriction clauses, but the remaining 20% of disagreements and the relationship between this proposal and the CLARITY Act have not been publicly explained, and must be based on the full proposal text and official White House statements.

How to Verify Key Facts about the CLARITY Act

Amid changing bill text and vote results, it is recommended to follow official information through these steps:

1. Check the U.S. Senate Banking Committee's official website for hearing and vote schedules to confirm the date and time of the CLARITY Act's procedural vote.
2. Review the official counterproposal text released by Senator Mark Warner's office or Senate Democratic leadership, and compare it with the Republican revised version clause by clause on regulatory division and state rights provisions.
3. Obtain the original joint letter from the New York Attorney General's office or relevant state attorneys general websites, and verify the specific legal provisions and affected states listed in the letter.
4. Follow official SEC and CFTC press releases or congressional testimony to understand the two agencies' public interpretation of the CLARITY Act's regulatory authority division.
5. Rely on the Senate Banking Committee's final vote result and the president's signed text, avoiding judging the bill's final impact solely based on secondary media reports.

Risk Warning: Crypto/digital asset prices are highly volatile, materials and rules may change at any time, this article does not constitute investment, legal, or tax advice, and decisions should be based on the latest official announcements and actual product pages.