Just a day or so after it became known that the most anticipated crypto legislation in the US will not be voted on in August, more details have emerged on when it will hit the Senate floor.
Senate Majority Leader John Thune has filed cloture on the motion to proceed to H.R. 3633, the Digital Asset Market Clarity Act, shortly before the Senate departed Washington for its August recess.
Mark The Date
The bill’s path through the US Senate just became a little clearer, with lawmakers now scheduled to vote on it on September 15. According to the Senate Press Gallery’s official floor log, the filing from Thune came at 4:52 AM ET on Saturday following an overnight session.
Popular journalist Eleanor Terrett subsequently confirmed that senators reached an agreement setting the cloture vote for 2:15 PM ET on Tuesday, September 15. This will be the day after the chamber returns from its month-long break.
It’s worth noting that a cloture vote does not mean that the CLARITY Act will pass on that day. In fact, senators won’t be voting on the legislation itself. Instead, the vote will determine whether the Senate can limit debate on the motion to proceed and move it closer to formal consideration.
The measure requires 60 votes. This means that Republicans, who have 53 Senate seats, will need support from at least seven Democrats or independents even if everyone from their party backs it.
Just The Beginning
As we reported earlier this week, the CLARITY Act was pushed into September after Democrats refused to support a procedural vote before the August recess. The delay was another setback for the legislation that once appeared to have substantial bipartisan support.
Its chances of becoming law this year, though, have plummeted, according to experts and prediction platforms. Galaxy Research recently lowered the percentage estimate from 50% to 30%.
The biggest contention issues remain ethics provisions, illicit finance rules, and the integration of language developed by the Senate Agriculture Committee, and the September 15 date doesn’t resolve any of them.
A bipartisan proposal from Republican Senator Thom Tillis and Democratic Senator Ruben Gallego would strengthen restrictions on public officials issuing or sponsoring cryptocurrencies and give state attorneys general a major role in enforcement. However, the White House failed to respond in time.
The November midterm elections also cast doubt on the bill, since most Democrats continue to oppose it, and they are expected to play a significantly larger role.
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