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After a lengthy delay, the U.S. Senate is moving forward with the "Clarity Act," a comprehensive cryptocurrency market regulation bill. Senate Majority Leader John Thune has filed a cloture motion to end debate, setting up a key procedural vote scheduled for September 15, following the August congressional recess. Passing this cloture motion, which requires 60 votes, would not automatically pass the bill but would limit further debate and allow it to advance on the Senate's agenda. Given the Republicans' 53 seats, at least 7 Democratic or Independent senators must also support it. The Clarity Act aims to clarify the U.S. regulatory framework for crypto, defining which agencies oversee digital assets. However, negotiations on the final bill text continue, with disagreements persisting over ethics provisions, anti-money laundering rules, and incorporating elements from the Senate Agriculture Committee. This procedural step signals Republican leadership's intent to prioritize the Clarity Act in the Senate's September agenda.

Former U.S. Secretary of Defense Mark Esper has called on the Senate to urgently pass the CLARITY Act, framing it as a critical national security bill. In a Financial Times op-ed, Esper argued that current weak digital asset regulations create vulnerabilities exploited by adversaries like China and North Korea. He stated China is developing state-directed payment systems to bypass U.S. oversight and erode the dollar's dominance, calling China the "greatest strategic threat." The Act would empower the U.S. Treasury to close crypto loopholes used by groups like North Korea's Lazarus to evade financial controls, including by extending special-measures authority. The Senate is expected to vote on the legislation on September 15.

Former U.S. Defense Secretary Mark Esper called for the Senate to pass the CLARITY Act, framing it as a national security bill. In a Financial Times op-ed, Esper argued weak digital asset regulation creates openings for China and North Korea to undermine U.S. financial influence. He stated China is investing in state payment systems to bypass U.S. oversight and weaken the dollar's central role. Esper, a Coinbase advisory council member, warned that North Korean groups like Lazarus exploit crypto loopholes to evade financial controls. The CLARITY Act would enhance Treasury Department powers, including those under the Patriot Act, to target malicious actors. The Senate is scheduled to vote on the bill on September 15. Esper urged swift passage, stating the legislation is critical for national security.

The White House accuses Democrats of obstructing the CLARITY Act, a key cryptocurrency bill. Patrick Witt, Executive Director of the President’s Council on Digital Assets, stated that Democrats did everything to prevent the bill from being passed before the Congressional recess, which began on August 7th. He warned that if the bill is not addressed by September 15th, it may never be approved. The CLARITY Act aims to provide greater legitimacy and opportunities for crypto projects in the U.S. However, Democrats express concerns over unresolved issues, such as the yield on stablecoins potentially drawing customers away from traditional banks and exemptions for decentralized projects from anti-money laundering and user verification rules. They also raise questions about a conflict of interest regarding former President Donald Trump, who reportedly earned approximately $1.4 billion from crypto ventures in 2025 and is promoting the bill. Republicans pushed for a vote before the recess, while Democrats insisted on resolving outstanding issues first to avoid future corrections. An article in The Wall Street Journal criticized the bill as containing many "delayed-action mines," highlighting the partisan divide. Witt dismissed the Journal's coverage as unworthy of attention, claiming it echoes Wall Street banks' talking points.

In Seoul, an opposition lawmaker has proposed delaying the implementation of a 22% tax on cryptocurrency profits until January 1, 2030, a three-year postponement from the current planned start date of 2027. The bill, introduced by People Power Party representative Jeong Seong-guk, conflicts with the government's recently confirmed plan to begin taxing crypto gains in 2027. Under the proposed system, income from selling or lending cryptocurrencies like Bitcoin and Ether would be classified as "other income." The 22% rate consists of a 20% national income tax and a 2% local tax, applied only to annual profits exceeding a 2.5 million won (approx. $1,800) exemption threshold. The opposition argues that more time is needed to revise the virtual asset tax system, strengthen investor protection, and establish necessary frameworks for fair taxation. The proposal follows the government's completion of its 2026 tax reform package, with Finance Minister Choo Kyung-ho reaffirming the plan to proceed as scheduled in 2027. Another bill from the same party seeks to entirely eliminate the crypto tax provision, citing inequality as profits from traditional stocks are currently tax-exempt. South Korea's parliament has repeatedly postponed the tax since its initial 2022 effective date.