Thune Files Cloture Motion on Digital Asset Market Clarity Act
Senate Majority Leader John Thune has filed a cloture motion on the Digital Asset Market Clarity Act, moving it closer to a full Senate vote in September. The bill aims to provide regulatory clarity for the crypto industry by defining whether digital assets are securities or commodities.
The legislation would grant authority over tokens classified as securities to the SEC and those classified as commodities to the CFTC. It also includes DeFi safe harbors and consumer protection provisions, which are particularly notable as they would carve out space for decentralized protocols to operate without triggering full securities regulation.
Democrats have signaled their intention to block the motion unless bipartisan consensus is reached on two sticking points: stablecoin yields and ethics rules for government officials with ties to digital assets. Thune's timing is not accidental, as midterm elections are approaching and the legislative window is narrowing fast.