The US Senate will consider a key procedural step for the Digital Asset Market Clarity Act on September 15, 2026. The vote could move the bill toward full Senate debate after more than a year of delay.
Meanwhile, India has no dedicated law governing virtual digital assets, despite applying tax and anti-money laundering rules. A parliamentary finance panel now wants the government to examine a statutory framework and create temporary industry oversight.
US Senate Sets September Vote
Senate Majority Leader John Thune filed cloture on August 7 for the motion to proceed to H.R. 3633. The cloture motion will ripen at 2:15 p.m. Eastern Time on September 15, according to the Senate Press Gallery. Senators return from recess one day earlier.
Cloture would limit debate and allow the Senate to consider the bill. The motion needs 60 votes to pass. A successful procedural vote would not send the measure to the president. Senators may need to send an amended bill back to the House.
The House passed the CLARITY Act on July 17, 2025, by a 294-134 vote. The bill assigns roles to the Securities and Exchange Commission and Commodity Futures Trading Commission. It also sets rules for digital commodities, intermediaries, exchanges, brokers and dealers.
The bill also provides registration paths for firms that fall under either regulator. Its provisions seek consistent federal treatment across primary and secondary digital asset markets.
India Reviews its VDA Rulebook
India currently regulates VDAs through a limited set of tax, reporting, and financial-crime controls. The Finance Act 2022 introduced a 30% tax on income from VDA transfers. It also established a 1% tax deducted at source on covered transactions.
Furthermore, VDA service providers must follow anti-money laundering requirements under the Prevention of Money Laundering Act. These measures help authorities track transactions and enforce reporting duties. They do not create broad rules for custody, market conduct, disclosures, or customer complaints.
The Parliamentary Standing Committee on Finance addressed this gap in its report on the proposed Securities Markets Code, 2025. It called for a ‘comprehensive examination’ of an appropriate statutory and regulatory system for VDAs. The panel described the present position as an ‘existing regulatory vacuum.’
Pending legislation, the committee proposed recognised self-regulatory organisations under a designated regulator. It said interim rules should cover governance, transparency, disclosures, investor protection, complaint handling, compliance, and regulatory supervision. The government has not yet adopted this recommendation.
SEC Plans Separate Crypto Rule Review
The SEC will hold an open meeting on August 14, 2026. Commissioners will consider proposing a tailored offering system for certain investment contracts involving crypto assets. The agency has not yet published or approved a final rule.
This SEC process differs from the CLARITY Act. Congress can divide authority between federal regulators through legislation. The SEC can act only within powers granted by existing securities laws. Any proposal would normally enter a public comment and review process before adoption.
Consequently, the US vote and SEC meeting create two separate regulatory tracks. India’s panel has proposed a staged route, using supervised SROs before Parliament adopts a dedicated law. Both countries are addressing classification, oversight, market conduct, and investor safeguards through different legal processes.
For India, the next formal steps depend on the central government and Parliament. Officials must decide whether to accept interim SRO oversight and draft broader legislation. Until then, taxation and anti-money laundering duties will continue to form the main VDA controls.
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