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FollowingToday is of great significance for the crypto industry
The Senate has officially scheduled a vote on the closing debate of the CLARITY Act at 2:15 p.m. Eastern Time. Cryptocurrency supporter Amelie (@_Crypto_Barbie) shared a schedule notice from Senate Democrats, calling it a "day that will go down in history."
Conditions for voting
Achieving this situation took more than a year of bipartisan negotiations. Closing the debate requires 60 votes, and Republicans have 53 seats in the Senate. Therefore, at least seven Democrats need to vote in favor of the motion to succeed. Congressional reports show between 7 and 10 Democrats are willing to support the legislation, although no formal commitment has yet been made public.
The bill has passed the House and passed the Senate Banking and Agriculture Committees. It establishes a federal regulatory framework for digital assets, clarifying which assets fall under the jurisdiction of the U.S. Securities and Exchange Commission (SEC) and which are subject to supervision by the Commodity Futures Trading Commission (CFTC).
The final text incorporates more than 100 changes made at the request of the Democratic Party. Congressman Cynthia Lummis, a key sponsor of the bill, called on Democrats to vote for the bill they helped build.
The cryptocurrency community responded immediately. One commentator pointed out the historic potential of the moment. Another expressed skepticism and believed that the rules might change again before any specific results were implemented.
One observer expressed dissatisfaction that Democrats were holding the crypto community hostage by repeatedly hindering progress. Another took a firmer stance, arguing that any Democrat who opposed the bill should be removed from office by voters.
One commentator also shared comments from Treasury Secretary Scott Bessent. He said the bill was crucial to ensuring the United States 'position in the emerging global fintech race. He had previously urged the Senate to vote on the bill, arguing that failing to do so would send a signal to opponents that the United States was unwilling to lead in digital assets.
Next steps worthy of attention
A successful closing debate vote does not mean the end of the process. After receiving 60 votes, the Senate will hold a 30-hour post-closing debate discussion. This was followed by the amendment session, and finally a separate final vote was held.
Councilman Loomis has previously said that if Tuesday's vote fails, the next opportunity may be postponed until 2030. Major institutions including BlackRock, Fidelity, Goldman Sachs and Charles Schwab all support the legislation. Law enforcement organizations have also withdrawn their objections. The vote has been set and the market is closely watching the results.
