Senator Bernie Moreno says CLARITY Act negotiations between Senate Democrats and Republicans have finished, with a cloture vote on the bill set for September 15. Two Republican senators have already said they will oppose the measure over risks to community banks, and the GOP would still need to sway seven Democrats to reach the 60-vote threshold.
Senator Bernie Moreno says the negotiation phase on the CLARITY Act has finished, and the cloture vote scheduled for September 15 will now decide the bill's fate. He dismissed further exchanges between Democrats and Republicans, saying an agreement reached weeks earlier still held every party to its commitments.
11 Months of Talks End
Moreno pointed to 11 months of negotiations between Senate Republicans and Democrats that have now officially ended, tying the moment to the cloture motion Senate Majority Leader John Thune filed to move the bill toward its September vote. He placed the blame for the bill's potential failure on Senate Democrats, framing their choice as one between ceding the digital asset industry to China or preserving American dominance in the sector.
Moreno put it bluntly: "It's an easy choice if you love America!"
Moreno believes all 53 Republican senators will vote for the bill, but passage still requires 60 votes, meaning Republicans would need at least seven Democrats to cross over.
Republican Holdouts Cite Community Bank Risk
Not every Republican shares that confidence. Senators Jerry Moran and Josh Hawley have both said they would oppose the CLARITY Act in its current form.
Hawley told Politico that people in his home state of Missouri worry deposit flight from small towns could cut off farmers' and ranchers' access to agricultural loans. Moran raised a similar concern about the effect on people who rely on small-town banks across Kansas.
Ethics Dispute Still Clouds the Count
An ethics provision still under discussion with the White House remains tied to President Donald Trump's cryptocurrency business dealings. Because of that dispute, some analysts consider it unlikely that Republicans can sway seven Democrats to reach the 60-vote threshold.
Source: Bitcoin News
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