What changed
The US market-structure bill failed its first Senate test. On September 15 the Senate rejected cloture on the motion to proceed to the CLARITY Act 49–50, eleven votes short of the 60 needed, two days after sponsors released a final text built around a White House-backed ethics package that required covered officials to divest significant crypto interests or use blind trusts. No Democrat voted yes. Republicans Collins, Hawley, and Moran voted no, and Tillis switched to no so he could enter a motion to reconsider, which keeps a post-election revival procedurally open. Without a lame-duck deal, the bill expires with the 119th Congress on January 3, 2027.
The agencies moved within two days. On September 17 the SEC issued its innovation exemption, five-year conditional relief under which new Tokenized Securities Venues may trade tokenized versions of exchange-listed US stocks through permissioned automated market makers, within caps on symbols and volume. The same day the CFTC sent the White House a pre-rule filing for a crypto asset market regime built on its authority over leveraged retail trading. Neither reaches everything the statute would have covered, since only Congress can give the CFTC unleveraged spot markets, and a future commission can reverse both. Comments on the August 18 proposals close in October, on October 19 for Treasury's GENIUS licensing definitions and October 20 for Regulation Crypto Assets.
Outside the US, Russia made the period's largest shift. Federal Law No. 282-FZ took effect on September 1, legalizing crypto trading through intermediaries regulated by the Bank of Russia, with a RUB 300,000 annual cap per intermediary for non-qualified investors and the domestic payments ban intact, so the register now grades Russia in transition. The same day Singapore published the draft legislation that would give its stablecoin framework statutory force, and the UK authorisation gateway opens September 30.
What the register corrected
Alongside this month's events, every entry was re-verified against primary sources, and 30 of the 45 needed changes. The first correction is our own. On August 31 this register reported that Singapore's stablecoin framework had taken legal effect on July 1, 2026. That was wrong. The framework has operated as MAS policy, and the draft Payment Services Act amendments that would give it statutory force were published for consultation only on September 1, with comments due October 16. The Singapore entry, the calendar, and the stablecoin lane now say so.
Several laws the register still listed as pending had already passed. Japan's Diet moved crypto into securities law on July 15, effective 2027. Australia's Digital Assets Framework Act received Royal Assent on April 8 and commences April 9, 2027. Taiwan passed its Virtual Asset Service Act on June 30. Canada's Stablecoin Act became law on March 26 and awaits an order bringing it into force, expected in 2027. China replaced its 2021 crypto notice in February with a broader one that also bars unapproved offshore yuan stablecoins.
Some changes ran the other way. Switzerland postponed its crypto tax reporting framework to 2027 at the earliest. New Zealand's announced crypto ATM ban was never legislated and gave way in July to proposed limits on cash purchases. Wyoming's state stablecoin is the Frontier Stable Token (FRNT), on public sale since January, and the entry had its name wrong. Smaller updates cover the UAE's new Capital Market Authority, Kenya's implementing regulations, South Africa's draft exchange-control rules, Indonesia's amended financial sector law, Malaysia's revised exchange guidelines, India's new Income-tax Act, the EU's MiCA review, Brazil, Chile, Colombia, El Salvador, and six US states. Corrections with citations are welcome through the contact form.
Since September 24
The agencies kept writing. On September 24 the Federal Reserve proposed its GENIUS Act rules for stablecoin issuers affiliated with the banks it supervises, with full reserve backing, standardized capital charges, and a presumption that certain third-party yield arrangements are prohibited interest, plus an application process for bank subsidiaries; comments run 60 days from Federal Register publication. The same day CFTC staff opened the door to tokenized permitted investments for customer funds and to on-chain records. On September 25 SEC staff added FAQ answers holding that buybacks, upgrades, and feature marketing on a functioning network do not by themselves signal an investment contract, and Commissioner Hester Peirce, who leads the Crypto Task Force, said she will leave on October 2, taking the Commission down to two members. CLARITY did not move.
Elsewhere, Brazil ordered Coaf reports on self-custody transfers of US$10,000 or more from October 1 and cut unauthorized providers off from authorized institutions from November 6; the Bank of Russia published its register rules, in force October 5, with RUB 15 million minimum capital for exchangers; the EBA set out its MiCA review priorities ahead of the September 30 consultation deadline; California enacted a ban on meme coins tied to public officials and extended its money laundering statute to digital assets; and Hong Kong's SFC brought licensed virtual asset providers into its audit-oversight agreement with the AFRC. Each is on the Tape with its primary source.
What comes next
The UK authorisation window opens September 30 and closes February 28, 2027. Comments close on Singapore's draft stablecoin legislation on October 16, on Treasury's GENIUS definitions on October 19, and on Regulation Crypto Assets on October 20. The Senate's post-election session is the last chance to revive CLARITY in this Congress. After that come GENIUS licensing on January 18, 2027, Australia's platform licensing on April 9, 2027, Russia's licensing deadline on July 1, 2027, and the UK regime on October 25, 2027. The full timeline is on the deadline calendar.
On the watchlist, not yet on the register
Four items are on our list but not yet on the register because they are not yet citable: whether Senate leaders use the pending motion to reconsider for a lame-duck vote on CLARITY; the CFTC's advance notice once White House review ends; the MAS timetable for enacting its stablecoin amendments after consultation closes; and South Korea's Digital Asset Basic Act, which at this review still had not been introduced as a government bill. When any of these becomes citable, it moves onto the register and the Tape.