US Senate Votes on Procedural Motion for CLARITY Act Reform

The US Senate is set to hold a procedural vote on the Digital Asset Market Clarity Act (CLARITY Act) on September 16 at 2:15 am Beijing time. The motion to end debate and move forward with the bill requires 60 votes, which would allow it to enter the full Senate for further discussion, amendments, and final voting.

The bill has undergone significant changes after Democrats proposed 126 amendments, many of which were accepted by Republican senators. These modifications include stricter ethical guidelines, more defined roles for state attorneys general in enforcing regulations, and increased authority for the Treasury Secretary to intervene in cases involving payment stablecoins that may trigger deposit outflows.

However, some Democratic lawmakers have expressed concerns about potential conflicts of interest related to Donald Trump's family business dealings with cryptocurrency companies. Moderate senators such as Warner and Gallego are pushing for further revisions to address these issues. Some Republican senators are also under pressure from the banking industry, which fears that stablecoins could divert deposits away from community banks.