Senate to Vote on CLARITY Act September 15

CLARITY Act Set for September 15 Senate Vote as Majority Leader Forces the Issue

The most anticipated cryptocurrency legislation in the United States will not be voted on in August, but new details have emerged regarding its timeline in the Senate.

Senate Majority Leader John Thune filed for cloture on the motion to proceed to H.R. 3633, the Digital Asset Market Clarity Act, shortly before the Senate adjourned for its August recess. This filing has clarified the bill’s path through the chamber, with lawmakers now scheduled to vote on it on September 15. According to the Senate Press Gallery’s official floor log, Thune’s filing occurred at 4:52 AM ET on Saturday, following an overnight session.

Journalist Eleanor Terrett subsequently confirmed that senators reached an agreement to schedule the cloture vote for 2:15 PM ET on Tuesday, September 15. This date falls on the day after the Senate reconvenes from its month-long break.

It is important to note that a cloture vote does not guarantee the passage of the CLARITY Act on that day. Senators will not be voting on the legislation itself at this stage. Instead, the vote will determine whether the Senate can limit debate on the motion to proceed, thereby advancing the bill toward formal consideration.

The measure requires 60 votes to proceed. Given that Republicans hold 53 Senate seats, they will need the support of at least seven Democrats or independents, even if all Republican senators back the bill.

As previously reported, the CLARITY Act was postponed to September after Democrats declined to support a procedural vote before the August recess. This delay represents another setback for legislation that had previously appeared to enjoy substantial bipartisan backing.

However, experts and prediction platforms suggest that the bill’s chances of becoming law this year have diminished. Galaxy Research recently revised its probability estimate downward from 50% to 30%.

Key points of contention remain, including ethics provisions, rules concerning illicit finance, and the integration of language developed by the Senate Agriculture Committee. The September 15 date does not resolve these outstanding issues.

A bipartisan proposal from Republican Senator Thom Tillis and Democratic Senator Ruben Gallego aims to strengthen restrictions on public officials issuing or sponsoring cryptocurrencies and grant state attorneys general a significant role in enforcement. However, the White House has not yet responded to this proposal.

The upcoming November midterm elections also cast uncertainty on the bill’s prospects, as most Democrats continue to oppose it, and their influence is expected to grow.