Senator Tim Scott, head of the Senate Banking Committee, confirmed on Thursday that the U.S. Senate is set to cast a vote on the Digital Asset Market Clarity (CLARITY) Act later this week, as reported by Cointelegraph. The vote is expected to take place before the Senate breaks for its August recess, which means lawmakers have only a few days to finalize the bill's scheduling.
Scott, who oversees the Senate Banking Committee, said in a Fox Business interview that there is still room in the tight timeline to get the vote organized. He emphasized that Senate Majority Leader John Thune, who controls the legislative calendar, can still announce a cloture vote on the CLARITY Act in the coming days. Scott stated, “The good news is we have the time to get it done,” showing optimism about meeting the deadline.
Democrats raise concerns
Democrats have expressed reservations about certain provisions, particularly relating to President Donald Trump’s undisclosed investments in cryptocurrency. Concerns have also been raised by top banking leaders who want the legislation to include specific rules for crypto firms dealing with stablecoins. They argue that the bill must set clear licensing requirements and restrictions for these companies to ensure regulatory compliance and stability.
What’s next?
The path forward for the CLARITY Act hinges on whether lawmakers can agree on proposed amendments. Scott suggested that if Republicans secure the support of at least 60 senators, the bill could be passed and advanced in Congress. However, with the August recess fast approaching, any changes must be swiftly negotiated and finalized for the bill to reach the Senate floor in time for a vote.
Senate Majority Leader John Thune confirmed that the chamber would not vote on the legislation before the August recess, citing Democratic opposition and saying it would be prioritized when senators return next month. “The Dems are insistent on no Clarity vote,” Thune said, according to comments his office provided to Cointelegraph. “I worked with sponsors of the bill. Senator Lummis was great, and we’re getting that queued up first thing when we come back.”
Crypto Council for Innovation CEO Ji Hun Kim called the postponement “disappointing” but said the direction of the legislation had not changed. “Every day without such a framework pushes American users and builders offshore and leaves consumers at risk,” Kim said in comments provided to Cointelegraph.
Politico reported that the CLARITY Act lacks Democratic support, and negotiations remained underway. Thune may still file cloture before the recess. This procedural step could position the bill for a vote when senators return in mid-September, but it would not constitute a vote on the legislation, according to two people cited by Politico.
Citing three people with knowledge of the matter, Politico reported that the CLARITY Act lacks Democratic support. Negotiations remained underway. Thune may still file cloture before the recess. This procedural step could position the bill for a vote when senators return in mid-September, but it would not constitute a vote on the legislation, according to two people cited by Politico.
According to the report, Republican leaders would need unanimous consent from all 100 senators to complete the outstanding items without extending the session deep into next week.