Thune Files Cloture, CLARITY Act Advances Towards Senate Vote
US Senate Majority Leader John Thune has filed cloture on the Digital Asset Market Clarity Act, also known as the CLARITY Act, setting up a key procedural vote for September. The move puts the landmark crypto legislation on a path toward Senate consideration after lawmakers failed to reach an agreement before the August recess.
The cloture vote requires 60 votes and will give Republicans the opportunity to secure Democratic support to clear the hurdle. Thune's filing sets the stage for the Senate to reconvene on September 15, providing several more weeks for lawmakers to resolve their disagreements over ethics provisions and rules governing stablecoin rewards.
The CLARITY Act aims to establish a federal market structure for digital assets, clarify when crypto assets fall under securities or commodities laws, and delineate oversight responsibilities between the Securities and Exchange Commission and the Commodity Futures Trading Commission. Despite progress, it remains uncertain whether the legislation will receive a final vote or pass the Senate.
Efforts to break the impasse over ethics provisions have led lawmakers to work on a bipartisan addendum aimed at addressing Democratic concerns over President Donald Trump's crypto-related financial interests. The proposal would require the president to divest from certain crypto-related businesses, according to reports.