The Senate is set to hold a cloture vote on the CLARITY Act as soon as it returns from its August recess, a move that will mark the first procedural step towards passing the bill into law. Despite Majority Leader John Thune’s filing for a cloture vote, optimism remains low that the crypto bill will become law this year.
Senate To Hold Cloture Vote On CLARITY Act On September 15
According to Punchbowl’s Andrew Desiderio, the Senate will hold the cloture vote on the crypto bill on September 15, just a day after it returns from its mid-year recess. This follows Majority Leader Thune’s filing for cloture on the motion to proceed just before the Senate left for the August recess.
The cloture vote notably marks the first procedural hurdle towards passing the CLARITY Act. Republicans will need bipartisan support to invoke cloture and proceed to the final vote on the crypto bill.
As of now, there has yet to be a bipartisan agreement to pass the crypto bill, with the ethics provision the major obstacle to the bill’s progress. The White House has yet to sign off on the bipartisan ethics proposal, which Republican Thom Tillis and Democrat Ruben Gallego put forward.
Bipartisan support for the CLARITY Act may be critical, as some Republican senators have said they would vote no based on stablecoin yield concerns raised by community banks. Law enforcement groups and prosecutors also continue to push against the BRCA provision, which protects non-custodial developers.
Crypto Traders Still Betting Against Bill’s Passage
Majority Leader Thune’s filing for cloture on the CLARITY Act has failed to lift optimism about the Senate passing the crypto bill this year. Data from the top crypto prediction market platform Polymarket shows only a 17% chance that President Trump will sign the bill into law this year, a mild rebound from a recent low of 13%.
The Senate will once again face a race against time to pass the CLARITY Act when it returns from its late-summer recess. Specifically, they will have only 13 days to pass the bill before heading for the midterm elections.
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