- Senate Majority Leader John Thune filed a motion to proceed on the Clarity Act early Saturday, initiating the procedural process.
- The first procedural vote is scheduled for September 15, with Republicans needing roughly six Democratic crossovers to reach the 60-vote threshold.
- Key disputes remain over illicit-finance provisions, stablecoin yield, and ethics rules governing President Trump’s crypto holdings.
The U.S. Senate took its first formal step toward voting on the Clarity Act early Saturday, when Majority Leader John Thune filed the motion to proceed following an overnight session. The move locks in an initial procedural vote for 2:15 p.m. ET on Tuesday, September 15.
The cloture filing signals Republican leadership intends to make the bill an early priority after the August recess. However, the bill still needs roughly six Democratic crossovers to clear the 60-vote threshold, a gap that has not closed since the measure advanced from the Senate Banking Committee in May with only two Democrats in support.
Consequently, negotiators have several weeks to resolve lingering disputes over illicit-finance protections, stablecoin yield and rewards, and government-ethics provisions covering President Trump’s crypto holdings. A proposed addendum would require Trump to divest from crypto-related businesses, but the White House has not yet responded.
If passed into law, the Clarity Act would provide a formal legal structure for most cryptocurrency activity, drawing jurisdictional lines between the SEC and the CFTC and placing much of the industry under the latter. The bill is widely believed to give traditional financial institutions further confidence to enter the market, according to Iran-peace-talks-by-a96d57ec”>prediction market data.
The legislation must clear the Senate, return to the House for another vote, and then reach President Trump’s desk. With the September window closing quickly ahead of midterm campaigning, the coming weeks are widely seen as the last realistic chance for the bill to become law this year.
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