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FollowingU.S. Senate Majority Leader John Thune has filed an application to end debate on a motion to review the Digital Asset Markets Clarity Act (also known as the CLARITY Act), setting a key procedural vote for the cryptocurrency market structure bill on September 15.
The vote is expected to take place after the Senate resumes at 2:15 p.m. ET on September 15, giving lawmakers a few extra weeks to resolve unresolved differences in the bill.
The Senate Daily News confirmed that Thun has proposed closing debate on a motion to push the CLARITY bill to the Senate for consideration. Closing debate on the motion requires 60 votes, which means Republicans need support from Democrats to overcome procedural obstacles and move forward with consideration of the bill.
Thune's move put the CLARITY bill on track for Senate consideration after lawmakers failed to reach an agreement before the August recess. Disagreements over issues such as ethics provisions and stablecoin reward rules complicated the negotiations.
Although this move marks progress on the bill, there is no guarantee that the CLARITY bill will receive a final vote or pass the Senate. The vote to end the debate is about whether to initiate review of the bill, rather than directly passing the bill itself.
The CLARITY Act is considered a landmark piece of cryptocurrency legislation in the United States. It will establish a federal market structure for digital assets, clarify when cryptoassets fall under securities or commodity law, and delineate regulatory responsibilities between the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC).
Negotiations have so far stalled over proposed ethics provisions that would restrict government officials and their families from issuing or profiting from digital assets while in office.
In an attempt to break the deadlock, lawmakers have reportedly been working on a bipartisan ethics appendix designed to address Democrats 'concerns about President Donald Trump's cryptocurrency-related financial interests. Bloomberg reported on Thursday that the proposal would require the president to divest certain cryptocurrency-related businesses.
