U.S. Senate starts process to bring CLARITY Act to floor, with September vote possible

U.S. Senate Republican Leader John Thune has begun procedural steps to bring the CLARITY Act, a crypto market structure bill, to the Senate floor, CoinDesk reported. Thune filed for cloture on a motion to proceed to floor consideration of the bill, clearing the way for the Senate to hold its first procedural vote shortly after returning in September, according to CoinDesk. Cloture requires 60 votes in the 100-seat Senate, meaning Republicans need support from at least 10 Democratic senators. If approved, the chamber can move to full debate on the bill and subsequent steps toward a final vote. CoinDesk said the two parties remain divided over anti-illicit finance provisions, stablecoin compensation, and limits on crypto business involvement by senior public officials, including President Donald Trump. As a result, the bill was not taken up before the August recess. CoinDesk added that progress in negotiations during the recess could allow action on the bill in September, while failure to reach an agreement could make passage this year difficult.