The CLARITY Act's odds of a Senate vote before the August recess have sharply reduced after Majority Leader John Thune skipped the required cloture filing. Republican Sen. Josh Hawley has become the first GOP senator to oppose the bill, while Sens. Thom Tillis and Ruben Gallego have sent the White House a revised proposal addressing the bill's ethics provisions.
The CLARITY Act now has just two working days left before the Senate's August recess starts, after Senate Majority Leader John Thune chose not to file a cloture motion on Wednesday. Without that filing, the chamber can no longer follow its normal process to bring the bill to a vote before lawmakers leave for the August 10 recess.
Hawley Becomes First GOP Holdout
Republican Sen. Josh Hawley has announced he plans to vote against the CLARITY Act, becoming the first Republican senator to publicly oppose the bill after banking groups raised concerns. As a result, the only remaining option under current Senate rules is a unanimous consent agreement to fast-track the bill.
White House Reviews New Ethics Text
Sen. Thom Tillis, a Republican, and Sen. Ruben Gallego, a Democrat, have submitted a revised bipartisan proposal to the White House focused on the crypto ethics provisions tied to the legislation. White House officials have now started reviewing the new proposal, according to Tillis, who said: "We’ve got people working with the White House right now." The ethics dispute has remained one of the biggest reasons Senate Democrats have refused to support the bill.
Senate Could Push Into Next Week
Some lawmakers believe Congress could stay in Washington beyond its scheduled recess if talks make progress. Sen. Cynthia Lummis said she expects senators may continue working into the weekend instead of leaving Friday, and Ryan Wrasse, communications director for Thune, said the Senate's packed voting schedule could push lawmakers into next week.
Traders Grow Less Confident
Coinbase CEO Brian Armstrong rejected recent criticism of the bill from banking groups, saying lawmakers should judge the cryptocurrency legislation on its own content rather than lobbyists' claims. According to Kalshi, the chances of a Senate vote on the CLARITY Act before the August recess have dropped to just 10%, down from 22% earlier this week.
Source: Coinpedia Fintech News
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