US Senate Sets September Vote on CLARITY Act
The US Senate is preparing to vote in September on whether to move forward with the CLARITY Act, putting the long-delayed crypto market structure bill back on track.
Senate Majority Leader John Thune has filed a cloture motion to begin consideration of the Digital Asset Market Clarity Act, setting up a key procedural vote after lawmakers return from their August recess.
The Senate is expected to reconvene on Sept. 15, giving lawmakers several weeks to work through disagreements over the bill, including rules on stablecoin rewards and proposed ethics provisions.
Cloture requires 60 votes, meaning Republicans will likely need support from Democrats to move the bill forward.
The vote would only determine whether the Senate takes up the legislation. It would not be a final vote on whether to pass the CLARITY Act.
The bill is seen as a major step toward creating a clear regulatory framework for digital assets in the US. It would define when crypto assets are treated as securities or commodities and clarify the roles of the Securities and Exchange Commission and the Commodity Futures Trading Commission.
Negotiations have stalled in recent weeks over ethics rules that would limit government officials and their families from issuing or profiting from digital assets while in office.
Lawmakers have reportedly been working on a bipartisan ethics proposal to address Democratic concerns over President Donald Trump’s crypto-related financial interests. The proposal could require the president to divest from certain crypto-related businesses.
The September vote could mark an important step for the CLARITY Act, although it remains uncertain whether the bill will ultimately secure enough support to pass the Senate.
Featured image from: cointelegraph.com