Senate Puts Clarity Act on Fast Track with September Vote Looming

The US Senate has taken its first formal step towards voting on the Clarity Act, a bill aimed at providing a formal legal structure for most cryptocurrency activity in the United States.

Senate Majority Leader John Thune filed the motion to proceed with the bill, opening the multi-step cloture process that will push contested legislation past its 60-vote threshold.

The filing came too late to squeeze in a vote before senators leave for their August recess, but it queues up an initial procedural vote almost immediately after they return, with the first test set for 2:15 p.m. ET on Tuesday, September 15.

The Clarity Act, if passed into law, would draw jurisdictional lines between the SEC and CFTC, placing much of the industry under the purview of the latter.