Senate Majority Leader John Thune's office is telling crypto industry leaders he still intends to file cloture on the motion to proceed to the Digital Asset Market Clarity Act before lawmaker
Senate Majority Leader John Thune's office is telling crypto industry leaders he still intends to file cloture on the motion to proceed to the Digital Asset Market Clarity Act before lawmakers leave Washington for August recess, journalist @EleanorTerrett reports, citing multiple sources. The move would tee up a floor vote in September and is being read as a signal that GOP leadership plans to make the bill a priority when the Senate returns.
The procedural step carries real weight even without an immediate vote. CoinDesk reports that if Thune files cloture before the Senate leaves town, the first procedural vote on the bill could be held as early as Tuesday, September 15, when lawmakers return. Filing after the recess would push that date back by at least a day and hand the bill a more crowded calendar to compete against, including government funding talks and sharpening midterm politics.
Forbes notes that the legislation has already cleared the House by a 294 to 134 vote and cleared the Senate Banking Committee 15 to 9 in May, but has yet to receive a full Senate floor vote.
The votes are not there yet. To clear the Senate's 60-vote cloture threshold, Republicans, who hold 53 seats, need at least seven Democrats to cross the aisle. Per @EleanorTerrett, negotiators will need to find a path forward on yield, which has re-emerged as a front-and-centre dispute following recent Wall Street Journal op-eds. CoinDesk has reported that banking groups have made significant inroads persuading Republican members that the current yield language needs to be tightened, arguing that yield-bearing stablecoins could act as substitutes for insured deposits.
A palatable bipartisan ethics agreement also still has to come together. The White House has not yet weighed in, per @EleanorTerrett, though sources note there is less urgency on that front than there was earlier in the week. Prediction markets currently price the CLARITY Act's chances of becoming law in 2026 at roughly 30 to 33 percent.
Sources:CoinDesk: Senate won't vote on crypto Clarity Act before its summer breakForbes: Crypto's Landmark CLARITY Bill Is Running Out of TimeCoinDesk: Banking groups escalate fight over stablecoin yield ahead of Senate vote
