The next Senate step on Clarity is a 60-vote cloture test on September 15 at 2:15 p.m. ET. That is not final passage. Treasury already published the GENIUS stablecoin proposal; comments close October 19.
01
NPRM published Aug 18. Docket TREAS-DO-2026-0496. Comments due Oct 19. This is the teller window: who may issue in the US, and which tokens a DASP may offer after 2028. Not a ticker.
02
Walkthrough of the filing: unlawful issuance can mean up to $1 million and up to 5 years. Frames safer money versus a small group of licensed giants. The comment section is the concentration argument, not a green candle.
03
Lawyer clothes on the same pages: definitions plus a DASP safe harbor if you reasonably believe the buyer is offshore, run policies to stay that way, and do not advertise at US persons. Warns the qualifying-foreign-issuer on-ramp may not exist on Jan 18 2027.
04
The quiet part: it looks like we are getting yield on stablecoins, but not the way most of you want it. The statute bars issuer-paid interest. Intermediary yield is the leftover fight sitting on top of GENIUS. Not a price call.
05
Clarity is the still-unpassed market-structure bill (H.R. 3633). Cloture on the motion to proceed is set for Sep 15 at 2:15pm ET — a 60-vote test, not final passage. If the Senate misses, the agencies keep writing anyway.
06
OCC aiming to finalize issuer licensing by November and take applications in January. Parallel to Treasury's NPRM and the SEC's Regulation Crypto Assets. Market structure is splitting into a Senate vote and a rulebook pile.