While the debate and possible vote on ending the debate on the Digital Asset Market Clarity Act bill are being postponed due to the Senate's month-long recess, Republicans want to demonstrate that they have a genuine interest in passing this bill.
Eleanor Terrett, host of the "Crypto in America" program, reported that Senate Majority Leader John Thune intends to file a motion for a cloture vote on the motion to proceed to the CLARITY Act before the August recess, preparing the bill for a vote in September, despite the approaching midterm elections.
"This step will set the stage for a vote on the Clarity Act in September and is seen as a positive signal that Republican leadership intends to make this bill a priority after the Senate resumes work," noted Terrett.
Even if the cloture vote is scheduled for September, there is still some work to be done, as Terrett highlights two growing issues that could prevent the CLARITY Act from garnering the 60 votes needed for its passage: the issue of stablecoin yields, which has been raised again by the banking lobby, and an ethics provision currently being discussed with the White House.
At least two Republican senators have stated they will vote against the bill unless changes are made to protect community banks from the negative impact of stablecoin yields. The White House has yet to respond to a new proposal regarding the ethics provision, which calls for the divestment of assets by the President and government officials with a stake in cryptocurrency companies.
Coinbase CEO Brian Armstrong expressed appreciation to Thune for his commitment to this initiative, emphasizing that "clear federal market structure legislation will pave the way for more investment, innovation, and new jobs in the U.S., while providing consumers with the protection they deserve."
Nevertheless, analysts agree that the chances of CLARITY being passed in September are slim, as the Senate will have only 14 working days left to finish work on this and other related bills before the October recess, when senators return to their states to campaign for the midterm elections.
