Thune Still Plans to File Cloture on CLARITY Act in September

Senate Majority Leader John Thune's office has confirmed that he still intends to file cloture on the motion to proceed with the CLARITY Act before lawmakers leave for August recess. This move would set up a procedural vote in September, when the Senate returns. However, Republicans need to find enough votes before the bill can move ahead, as it requires 60 votes to end debate and allow consideration of the bill.

The delay has been disappointing, but Brian Armstrong, CEO of Coinbase, welcomed Thune's commitment to bring the legislation back in September. He noted that the industry has already spent a year negotiating the bill and now needs Congress to finish the process.

The CLARITY Act is still stuck on several issues, including stablecoin yield rules, the bipartisan ethics agreement, illicit-finance provisions, and broader concerns raised by banks. Senator Cynthia Lummis echoed Armstrong's sentiments, saying 'we've come too far to quit' and that the fight is 'far from over.'

With only 14 session days in September before the October recess and midterm campaign period, the Senate has a tight deadline to resolve these issues and find the missing votes.