Senate Majority Leader John Thune has introduced a motion to end debate on bill HR 3633, the Digital Asset Market Clarity Act. This means the cryptocurrency market structure bill will be voted on in the Senate after the August recess.
Senate Majority Leader John Thune Filed Cloture Motion for CLARITY Act.
The cloture motion for the CLARITY Act was filed on the morning of August 8th. This followed Friday's report from crypto journalist Eleanor Terrett that Thune's office had notified industry leaders he still intended to move forward with the cloture process before lawmakers left Washington for recess.
"Today, Leader Thune's office told crypto industry leaders the majority leader still intends to file cloture on passing the Clarity Act before lawmakers leave for the August recess," Terrett wrote on X, citing multiple sources.
According to Terrett, filing the motion "sets the stage for a September vote on the Clarity Act." She also noted this step is seen as a good sign that Republican leadership intends to prioritize the bill when the Senate reconvenes.
The cloture motion came just after Thune announced on Friday that the Senate would delay consideration of the bill until September.
This was reported by POLITICO correspondent Jordain Carney on X. "Thune just confirmed our scoops that Senate is punting Clarity Act vote until September," Carney wrote. She added that lawmakers will "have everything teed up for their return."
Negotiations on Controversial Issues Continue.
Although the procedural step has been taken, there remain some unresolved issues regarding the CLARITY Act that require discussion.
According to Terrett, there are still enough votes in the legislature to pass the bill if lawmakers can find them. The issue of stablecoin yields in the CLARITY Act has re-emerged as a major point of contention. The debate has been revived following recent Wall Street Journal articles and lobbying by banks.
"Banks have made significant headway convincing GOP members a wording change is necessary," Terrett wrote.
Bipartisan negotiations on ethics issues are also ongoing. Sources report that no comments have come from the White House yet on this proposal.
For clarity, the CLARITY Act aims to create a federal regulatory framework for digital assets. The law seeks to bring greater clarity to cryptocurrency exchanges and clarify regulatory obligations for digital assets.
The Senate is expected to return from the August recess for a September session where the bill will be considered by lawmakers following the cloture motion. A Senate vote is expected thereafter.
