Thune Forces Senate Vote on CLARITY Act in September
Senate Majority Leader John Thune has taken a significant step in advancing the CLARITY Act, a bill that aims to clarify oversight between the SEC and CFTC for crypto markets. Thune filed cloture on the motion to proceed with the bill, ensuring it will be voted on when the Senate reconvenes in September.
This move bypasses the risk of filibusters, which could have led to further delays. According to SMQKE, a crypto researcher, cloture is a procedural tool that ends a filibuster and requires a vote within two session days. The CLARITY Act currently has 51 confirmed votes, with up to 10 Democrats showing support.
Thune's filing puts pressure on senators to take a stance on the bill, which sets rules for crypto markets. The industry has been closely watching the bill's progress, particularly XRP holders who see its impact on institutional adoption as crucial.