U.S. President Donald Trump speaks with Securities and Exchange Commission (SEC) Chairman Paul Atkins, Commodity Futures Trading Commission (CFTC) Chairman Michael Selig, cryptocurrency advisor Patrick Witt, trade association officials, and representatives from companies including Coinbase, Ripple, Andreessen Horowitz, and Nasdaq, on August 19, 2026, in the Roosevelt Room of the White House in Washington, DC, USA.
Kylie Cooper | Reuters
Karshi traders speculate that a major bill establishing a regulatory framework for cryptocurrencies is unlikely to be passed before the end of the year.
The Digital Asset Market Transparency Act was passed with bipartisan support in the House of Representatives in July 2025 and is scheduled for a procedural vote in the Senate on September 15th.
The White House has increased pressure on lawmakers to pass legislation, with President Donald Trump just last week calling on Congress to pass a “fair version of the transparency bill.”
The Transparency Act will provide a regulatory framework for digital products. The Securities and Exchange Commission oversees securities, and the Commodity Futures Trading Commission handles derivatives, including futures and prediction markets. Both agencies have issued guidance on crypto assets, but there are no clear boundaries as to which agency will work on what.
Even if Bitcoin Stocks have soared more than 20% in the past week on the back of President Trump’s push for transparency legislation, but traders at Kalsi believe there is less than a 25% chance the bill will become law by the end of the year.
The probability of implementation by April 2027 is considered to be less than 50%.
SEC Chairman Paul Atkins and CFTC Chairman Michael Selig attended a meeting between President Trump and crypto industry leaders last week. Selig said at the first meeting of the CFTC Innovation Advisory Committee last Thursday that if the Clarification Act is not passed by the Senate, the CFTC will take matters into its own hands.
“If Clarity continues to stall due to Democratic obstruction, the CFTC will use its existing authority to begin establishing a system for crypto markets, and we owe it to the American people to do so,” he said.
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