Senate Majority Leader John Thune’s office has reportedly indicated that he intends to file for a cloture vote on the motion to proceed to the CLARITY Act before the August recess. The move is seen as a positive sign indicating that the bill is a priority for the Senate.
Key Takeaways
Senator Thune plans a pre-recess cloture vote on the CLARITY Act, teeing it up for September.This scheduling move signals strong GOP commitment to unlocking crypto investments and jobs.Unresolved stablecoin and ethics disputes threaten to block the 60 votes needed for final passage.“The move would tee up a vote on the Clarity Act in September and is being viewed as a positive signal that GOP leadership intends to make the bill a priority when the Senate returns,” Terrett assessed.
At least two Republican senators have stated they will vote against the bill if there are no changes to protect community banks from being hit by stablecoin yields. The White House has still not responded to a new ethics provision proposal that would include divestments for the President and government officials with a stake in crypto companies.
Even so, analysts agree that the window for passing CLARITY in September is narrow, as it will have only 14 days in session to wrap up this and other relevant bills before the October recess, when senators will return to their home states for their midterm election campaigns.
