Breaking: CLARITY Act Senate Vote Cloture Motion Filed By Senate Majority Leader Thune

Senate Majority Leader John Thune has filed a cloture motion on the motion to proceed to H.R. 3633, the Digital Asset Market Clarity Act. This means the crypto market structure bill will be up for a Senate vote following the August recess.

Senate Majority Leader John Thune Files CLARITY Act Cloture

The CLARITY Act cloture filing was around 5 a.m. ET on Saturday, August 8. It comes after a Friday report from crypto journalist Eleanor Terrett that Thune’s office had informed industry leaders he was still going ahead with cloture before lawmakers left Washington for recess.

“Leader Thune’s office is telling crypto industry leaders today that the majority leader still intends to file cloture on the motion to proceed to the Clarity Act before lawmakers leave for August recess,” Terrett wrote on X, citing multiple sources.

The filing will “tee up a vote on the Clarity Act in September,” Terrett said. She also said that the move was being interpreted as a good sign the Republican leadership is going to prioritize the legislation when the Senate reconvenes.

The cloture motion comes just after Thune announced Friday that the Senate would wait until September to consider the bill.

The news was reported by POLITICO reporter Jordain Carney on X. “Thune just confirmed our scoop that Senate is punting clarity vote until September,” Carney wrote. She added that lawmakers would “get it teed up for when they return.”

Negotiations Continue Over Sticking Points

Although the procedure is in order, there are still a few points in negotiation around the CLARITY Act.

There are still enough votes in the legislature to pass the bill, if lawmakers can find them, Terrett said. The issue of stablecoin yield clause in CLARITY Act has emerged as a major point of contention once again. The discussion has now been revived with recent opinion pieces in the Wall Street Journal and lobbying from banks.

“Banks have made significant inroads in persuading Republican members that the language needs to be changed,” Terrett wrote.

The bipartisan ethics agreement is also being worked on. Sources say there’s been no word yet from the White House on the proposal.

For further context, the CLARITY Act aims to establish a federal regulatory regime for digital assets. The law would provide more clarity on crypto exchanges and clarify the regulatory obligations around digital assets.

The Senate is scheduled to return from the recess in August for the September meeting when the legislation will be considered by lawmakers after the cloture motion is filed. Thereafter, a Senate floor vote is expected.