CLARITY Act Fails, the CFTC Takes Over: What the New US Crypto Rules Change for Investors in Germany

Correction 25 September 2026: An earlier version of this article gave the result of the Senate vote as 50 in favour and 49 against. That was wrong. According to the official Congressional Record, the vote of 15 September 2026 ended 49 to 50, so the motion did not even win a simple majority. We have corrected the figure below; the conclusions of the article are unaffected.

The CLARITY Act has failed in the US Senate, but the regulation of crypto markets in the United States is moving on, only by a different route. Instead of Congress, the supervisory agencies are now writing the rules: the derivatives watchdog CFTC filed two rule proposals of its own on September 17, 2026, and the securities regulator SEC opened trading in tokenised stocks on the same day. For investors in Germany nothing changes legally for now, because the EU regulation MiCA applies here. The prices of Bitcoin, XRP and other coins, however, feel the effect directly, as the past few days have shown.

The vote result, the CFTC and SEC filings and the price data are documented in this article. Where it turns to the consequences, this is a reading by our editorial team, and we mark it as such.

CLARITY Act fails in the Senate: the vote of September 15

On Tuesday, September 15, 2026, the US Senate voted on whether debate on the Digital Asset Market CLARITY Act could begin. According to the official Congressional Record, 49 senators voted in favour and 50 against (roll call vote no. 234). Sixty votes would have been needed. That hurdle is called cloture: with 60 votes the Senate ends a minority blockade and can negotiate a bill. Without it, a proposal never reaches a vote at all.

According to consistent reports, the bill failed not over the question of which agency supervises which crypto assets, but over a dispute about ethics rules for officeholders' crypto stakes. We summarised the background on the day of the vote in our article on the CLARITY Act vote.

What the CLARITY Act was meant to settle

The bill was meant to settle a question that has paralysed the US crypto market for years: is a token a security falling under the SEC, or a commodity for which the CFTC is responsible? That classification determines the obligations of exchanges, issuers and custodians. For XRP this very distinction was the subject of a legal battle for years, which is why the price reacted so sharply to the failure. We described how sharply in our article on the XRP price slide after the Senate vote.

Why the calendar now argues against a new law

The midterm elections are due in the United States on November 3, 2026. According to CNBC reports, senators leave Washington in early October and do not return until after the election. That leaves barely any time for a second attempt this year. The law firm analysis by the National Law Review reaches the same conclusion: in the short term the bill is effectively off the table, and progress is more likely to come through the agencies.

The CFTC rule filing: what the agency submitted on September 17

Two days after the failure in the Senate, the CFTC responded. It sent two rule proposals titled Regulation Crypto Asset Transactions and Regulation Crypto Asset Markets to the Office of Information and Regulatory Affairs. That White House body reviews new federal rules before they are published. CFTC chair Michael Selig had already instructed his staff earlier to draft a framework for crypto markets that works on the basis of existing powers, should Congress pass no law.

The content of the two filings is not yet public, and the CFTC did not comment on details. Review is followed by publication, comment periods and a further round of review. Industry reports expect months to pass before binding rules arrive, possibly into 2027.

SEC innovation exemption: tokenised stocks get a framework

Also on September 17, the SEC issued a time-limited exemption it calls the innovation exemption. Trading venues for tokenised US stocks, that is shares represented as tokens on a blockchain, may operate under conditions for five years without being licensed as a classic exchange. According to the SEC, volume limits apply, holders of the tokens must have the same rights as shareholders, and companies can object if their shares are traded as tokens without their involvement.

For investors in Germany this is above all a signal. Tokenised stocks are offered here too, though often as certificates or derivatives without genuine shareholder rights. How to tell the difference is set out in our article on how to check the rights attached to stock tokens.

Bitcoin, XRP and Ethereum: how the market responded to the Senate and the CFTC

The response could be read off the prices. On the day of the vote the market slid, and according to CoinDesk Bitcoin fell from close to $80,000. Three days later the picture has turned. According to CoinGecko data, Bitcoin stood at around $81,000 on the evening of Friday, September 18, a good 6 percent above the previous day. Ethereum gained 6.7 percent, XRP 7.2 percent and Solana 11.5 percent.

Our assessment: the market digested the news from the Senate within a few days and read the CFTC filing as a sign that regulation is advancing even without a law. The rise was amplified by the forced closure of bets on falling prices, which reached around $470 million within 24 hours according to CoinDesk. That explains the speed of the move, not its durability.

MiCA instead of CLARITY: what applies to crypto investors in Germany

In the EU, the question the CLARITY Act was meant to settle for the United States has already been answered. The Markets in Crypto-Assets Regulation, MiCA for short, has applied in full since the end of 2024. It governs what obligations providers have, how stablecoins must be backed and how client assets are to be held. Since the German transition period ended at the close of 2025, platforms serving clients in Germany need authorisation as a crypto-asset service provider. Whether a provider holds it is shown in the register of the European securities regulator ESMA.

For you that means: what is decided in Washington moves prices, but not your rights towards your exchange. Those depend on whether it holds a MiCA licence. Our comparison of regulated crypto exchanges gives an overview of licensed providers.

US crypto regulation: which dates count now

Three points matter in the coming weeks. First, publication of the CFTC proposals after the White House review, because only then will it be known which coins the agency intends to treat as commodities. Second, the first trading venues to offer tokenised stocks under the SEC exemption. Third, the midterm elections on November 3, which decide the majorities available for a fresh legislative attempt in 2027.

Our assessment: until then, news from the US agencies is likely to move the prices of XRP and other coins whose classification is contested more than technical developments do. Anyone trading with leverage in such phases risks being pushed out of the market by a single headline.

Tax in Germany: why US rules change nothing about the holding period

The taxation of crypto assets in Germany follows the Income Tax Act, not US law. Gains from a sale within one year are taxable as soon as all private disposal gains for a year reach 1,000 euros; after more than one year they are tax free. Neither the failure of the CLARITY Act nor a CFTC rule changes that. Anyone thinking about taking profits after this week's recovery should check the purchase date first, and with several purchases follow the FIFO principle.

Correction (30 September 2026): An earlier version said the entire gain only becomes taxable once it exceeds 1,000 euros. Under section 23(3) sentence 5 of the German Income Tax Act, total gains from private disposals remain tax-free only if they amount to less than 1,000 euros in the calendar year; from 1,000 euros the entire gain is taxable.

CLARITY Act and the CFTC: what to take away

1. Separate price moves from your legal position. US decisions move prices; your rights depend on your provider's MiCA licence. Licensed exchanges are listed in our comparison of regulated crypto exchanges.
2. Trade regulatory news without leverage. Until the CFTC publishes its proposals, headlines remain the most important driver. If you want to buy, spread your purchases through an exchange from our exchange comparison.
3. Check the holding period before selling. The tax position in Germany remains unchanged. A crypto tax tool shows you which coins have already passed the one-year mark.

(As of September 18, 2026. This article is not investment advice. Prices and fee structures change; check the terms with the provider before you buy.)