CLARITY Act Gets September 15 Senate Vote as Thune Forces the Issue

The CLARITY Act, a key piece of US crypto legislation, is set for a Senate vote on September 15 after Majority Leader John Thune filed cloture on the motion to proceed. The filing occurred at 4:52 AM ET on Saturday, following an overnight Senate session before the August recess.

According to the Senate Press Gallery’s floor log, senators have scheduled the cloture vote for 2:15 PM ET on Tuesday, September 15, the day after returning from the month-long break. A cloture vote does not mean the bill itself will pass; rather, it determines whether the Senate can limit debate on the motion to proceed and move toward formal consideration.

The measure requires 60 votes to succeed. With Republicans holding 53 seats, at least seven Democrats or independents must support it, assuming full GOP backing.

The vote comes after Democrats refused to support a procedural vote in August, delaying the bill. The CLARITY Act, which once enjoyed bipartisan support, now faces reduced odds. Galaxy Research lowered its passage estimate from 50% to 30%.

Key sticking points include ethics provisions, illicit finance rules, and integration of language from the Senate Agriculture Committee. A bipartisan proposal from Senators Thom Tillis (R) and Ruben Gallego (D) would strengthen restrictions on public officials issuing cryptocurrencies and give state attorneys general enforcement powers, but the White House failed to respond in time.

The November midterm elections also cloud the bill’s future, as most Democrats continue to oppose it and are expected to gain seats.

Source: https://cryptopotato.com/clarity-act-gets-september-15-senate-vote-as-thune-forces-the-issue/