Senate Majority Leader John Thune has filed cloture on a motion to take up the CLARITY Act, setting up a procedural vote for September. Clearing that hurdle needs 60 votes, so Republicans need Democratic support, while negotiators still haven't resolved disputes over ethics rules and stablecoin rewards.
US Senate Majority Leader John Thune has filed cloture on a motion to take up the Digital Asset Market Clarity Act, known as the CLARITY Act, setting up a key procedural vote on the crypto market structure bill for September. The vote is expected after the Senate reconvenes on Sept. 15, giving lawmakers several more weeks to resolve the disagreements that blocked a deal before the August recess.
Confirmation came from the Senate Daily Press, which verified that Thune filed cloture on the motion to bring the CLARITY Act to the floor for consideration. Invoking cloture requires 60 votes, meaning Republicans need Democratic support to clear the procedural hurdle. Yet the move does not guarantee the bill will get a final vote or pass the Senate — the cloture vote only decides whether lawmakers take up the legislation, not whether it becomes law.
The CLARITY Act would establish a federal market structure for digital assets, clarify when crypto assets fall under securities or commodities law, and delineate oversight between the Securities and Exchange Commission and the Commodity Futures Trading Commission. Negotiations have stalled over proposed ethics provisions that would restrict government officials and their families from issuing or profiting from digital assets while in office, along with rules governing stablecoin rewards.
Lawmakers have reportedly been working on a bipartisan ethics addendum aimed at addressing Democratic concerns over President Donald Trump's crypto-related financial interests. According to Bloomberg, the proposal would require the president to divest from certain crypto-related businesses.
Source: Cointelegraph
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