Senate Advances Crypto Bill, Clarity Act Survives

Senate Advances Crypto Bill, Setting September Vote

The U.S. Senate has taken its initial formal step toward a vote on the Clarity Act, with leadership moving early Saturday to schedule a vote on the cryptocurrency market structure legislation and set a September date.

Senate Majority Leader John Thune filed the motion to proceed on the bill, initiating the multi-step cloture process the chamber employs to overcome the 60-vote threshold for contested legislation. The filing occurred too late to allow for a vote before senators depart for their August recess. However, it sets the stage for an initial procedural vote shortly after their return, with the first test scheduled for 2:15 p.m. ET on Tuesday, September 15.

The cloture filing on the motion to proceed to H.R. 3633 represents a procedural first step, not final passage, but it signals Republican leadership’s intention to prioritize the bill upon the Senate’s reconvening.

If enacted, the Clarity Act would establish a formal legal framework for the majority of cryptocurrency activities in the United States, delineating jurisdictional boundaries between the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC), and placing much of the industry under the latter’s oversight. The bill is widely expected to provide a significant boost to the crypto market, fostering greater confidence among traditional financial institutions to engage with the sector.

Today’s Senate action follows Majority Leader Thune’s decision this week to postpone the vote until after the recess, rather than forcing it before lawmakers adjourned. This delay was attributed to Democratic reluctance to advance the bill. Republicans still require approximately six Democratic crossovers to reach the 60-vote threshold, a gap that has persisted since the measure cleared the Senate Banking Committee in May with support from only two Democrats.

Negotiators now have several weeks to address the outstanding disputes that continue to challenge the bill. These include the specifics of its illicit finance and law enforcement protections, the unresolved debate over stablecoin yields and rewards, and government ethics provisions concerning President Donald Trump’s cryptocurrency holdings.

Lawmakers are still working to secure a bipartisan agreement on the provisions governing President Trump’s crypto holdings. This addendum, negotiated with the White House, would mandate his divestment from crypto-related businesses. As of yet, there has been no official word from the White House regarding the proposed addendum.

Should the bill successfully pass the Senate, it would return to the House of Representatives for another vote before reaching President Trump’s desk. With the September window rapidly closing ahead of midterm campaigning, the coming weeks are widely viewed as the last realistic opportunity for the legislation to become law this year.