But many of the issues holding the bill up are now political, rather than strictly about the language in the legislation.
Lawmakers have come to agreements on the vast majority of their outstanding issues on the bill, which saw independent approvals from the Senate Banking Committee and Agriculture Committee. The biggest remaining issue was an agreement on a so-called ethics provision targeting Trump, who disclosed he made north of $1 billion from his various crypto businesses in 2025.
While Trump had agreed to an ethics provision brokered by Senator Cynthia Lummis, Senate Democrats — and some Republicans, including Thom Tillis — said they had concerns with the language. Tillis and Senator Ruben Gallego drafted a counter-proposal, which they said they sent to the White House at the end of July. The White House has not publicly responded as of press time.
Other outstanding issues include Agriculture Committee provisions and law enforcement concerns, a Senate aide told CoinDesk on Wednesday. Stablecoin yield and rewards are also still being discussed.
The next major procedural question is when Thune will file for cloture on the Clarity Act. If he files for cloture before the Senate leaves town this month, lawmakers can hold the first procedural vote on the bill as soon as Tuesday, September 15. If he files after the Senate returns that Monday, the first vote could be held no earlier than Wednesday, September 16, under Senate procedure.
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