Thune to File Motion to Force September Vote on CLARITY Act
Senate Majority Leader John Thune’s office has indicated he will file for a cloture vote on the motion to proceed to the Digital Asset Market Clarity Act (CLARITY Act) before the Senate’s August recess. This procedural move would set up a floor vote in September, even as midterm elections approach. The decision is viewed as a positive signal that GOP leadership intends to make the bill a priority upon returning.
However, the bill faces significant obstacles to securing the 60 votes needed for passage. Two key issues have emerged: the treatment of stablecoin yields, which has drawn opposition from the banking lobby, and an ethics provision still under negotiation 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 stablecoin yield impacts. The White House has not yet responded to a proposed ethics provision that would require divestments for the President and government officials with stakes in crypto companies.
Coinbase CEO Brian Armstrong expressed support for Thune’s commitment, stating that a clear federal market structure law would unlock investment, innovation, and jobs while providing consumer protections.
Analysts note that the window for passing the CLARITY Act in September is narrow. The Senate will have only 14 session days before the October recess, when members return to their home states for midterm campaigns.