CLARITY Act Advances as Senate Prepares for Crucial Vote
Senate Majority Leader John Thune has filed a motion to advance the CLARITY Act into formal floor action, marking the farthest any crypto regulation bill has moved. The move comes after an overnight session and sets the stage for a crucial vote in the Senate when it returns on September 14.
The CLARITY Act requires at least 60 votes to pass its first procedural hurdle, which means at least 10 Democrats must support it. However, their backing remains uncertain due to a provision that bans senior officials, including Trump, from backing crypto projects. A revised section of this provision has been pending at the White House for over a week.
Congress has only three weeks in September before the midterms and a potential reset in 2027 if the bill fails. This leaves lawmakers with limited time to secure the necessary votes and push the legislation forward.