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Digital Asset Market Clarity Act heads for Sept. 15 cloture vote
The Senate schedule puts a motion to proceed to H.R. 3633 on track for cloture at 2:15 p.m., and the CFTC says it can still take certain crypto-market steps using existing authority if the bill stalls.
The U.S. Senate has set the Digital Asset Market Clarity Act on a path toward a procedural vote to test support on Sept. 15, with a motion to proceed to H.R. 3633 targeting a cloture decision window at 2:15 p.m., according to CryptoSlate. Backers are seeking a successful cloture vote to move the chamber closer to considering the measure, but the outcome would not directly enact the legislation. Senate rules require 60 votes to invoke cloture in a fully seated chamber, and with the current lineup of 53 Republicans, 45 Democrats and two independents, supporters would still need at least seven votes from Democrats or independents if every Republican backs cloture. The bill previously advanced from the Senate Banking Committee in a bipartisan 15-9 vote in May, but that committee tally does not determine floor support. Seven Democratic senators, including Angela Alsobrooks, Cory Booker, Catherine Cortez Masto, Ruben Gallego, John Hickenlooper, Mark Warner and Raphael Warnock, said in July that the text fell short on ethics, consumer protection, illicit finance, conflicts of interest and market integrity. CryptoSlate also reports that CFTC Chair Michael Selig said Aug. 20 the agency would begin taking certain crypto-market steps under existing authority if CLARITY continued to stall. Selig described joint work with the SEC on jurisdiction for crypto assets, plus potential rules for tokenized collateral and leveraged retail transactions, pathways for perpetual derivatives, and possible exemptions or safe harbors, with actions aimed at parts of the market even without new law.