Senate Clears Path for CLARITY Act Vote, Crypto Industry Hangs in Balance
The US Senate has taken a key step towards voting on the CLARITY Act, a bill aimed at establishing a federal framework for cryptocurrency markets. Senate Republican Leader John Thune filed for cloture, setting the stage for the chamber's first formal vote on the legislation when lawmakers return from August recess in September.
The cloture motion requires 60 votes to pass, meaning Republicans will need at least 10 Democratic senators to join them. If the motion succeeds, the Senate can move to full debate on the CLARITY Act and eventually a final passage vote.
However, key disagreements between the parties remain over several critical aspects of the legislation, including anti-illicit finance measures and compensation provisions for stablecoin issuers.