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Senate advances crypto Clarity Act to first procedural vote stage
The move came after a marathon Senate voting session and sets an initial procedural vote for just after the chamber returns in September.
CoinDesk reports that Senate Majority Leader John Thune filed a motion to proceed on the Digital Asset Market Clarity Act early Saturday, kicking off the first procedural step the Senate uses when it aims to reach a final vote on major legislation.
The article says the motion arrived too late for the Senate to vote on the crypto market structure bill before the chamber breaks for its August recess, but it is expected to place the bill in line for an initial vote almost immediately after the Senate returns next month.
CoinDesk notes that lawmakers still need to resolve several outstanding issues to support a successful vote, including government ethics, law enforcement provisions, and stablecoin yield and rewards.
The legislation also faces the Senate's multi step cloture process, and it is now among several unfinished bills competing for limited floor time during a three week window in September before Congress leaves Washington for the November midterm elections.