Crypto
Home›Crypto›Market Structure›Senate advances Clarity Act to set September procedura…
Senate advances Clarity Act to set September procedural vote
The motion to proceed opens the Senate cloture process for H.R. 3633, with a test vote scheduled for 2:15 p.m. ET on September 15.
The U.S. Senate has taken a first formal step toward voting on the Clarity Act, a crypto market-structure bill, after Senate Majority Leader John Thune filed a motion to proceed early Saturday following an overnight session, according to Decrypt.
The filing sets up an initial procedural vote on September 15, almost immediately after senators return from the August recess, marking the start of a multi-step cloture process that would be needed to clear the bill past the chamber’s 60-vote threshold.
Supporters say the Clarity Act, if passed into law, would establish a clearer legal framework for most cryptocurrency activity by drawing jurisdictional lines between the SEC and the CFTC, potentially giving traditional financial institutions more confidence.
Negotiators now have weeks to resolve remaining disputes, including illicit-finance and law-enforcement protections, an unresolved fight over stablecoin yields and rewards, and government-ethics provisions related to President Donald Trump’s crypto holdings.