US Senate pushes the CLARITY Act vote to September

The US Senate vote on the CLARITY Act — legislation that would set a federal framework for digital asset markets and divide oversight between the SEC and CFTC — has been pushed to at least September. According to Cointelegraph, Majority Leader John Thune said Democrats declined to support an expedited procedure, but the vote will be queued up as soon as senators return from summer recess.

Republicans need 60 of 100 votes to overcome a filibuster, and Democratic support isn't there yet. Thune said he personally worked with the bill's sponsors, including Senator Cynthia Lummis. Senate Banking Committee Chair Tim Scott had previously insisted the chamber should hold its first CLARITY Act vote before recess "without any question" — that didn't happen. Thune may still file for cloture before the break to position the bill for a September vote, and negotiations between the parties are ongoing.

“The Dems are insistent on no Clarity vote. I worked with sponsors of the bill. Senator Lummis was great, and we're getting that queued up first thing when we come back.”

— John Thune, US Senate Majority Leader

• Republicans need 60 of 100 votes to overcome a filibuster
• Democrats declined to support an expedited procedure
• Thune may still file for cloture before recess to line up a September vote

Earlier this month, we covered how the market was pricing in just 26% odds of a CLARITY Act vote before recess — and that's exactly what played out. If you need a refresher on what the fight is actually about, we've broken down how the CLARITY Act splits crypto into three regulatory buckets.

None of this should be read as personalized investment advice.