CLARITY Act faces Sept. 15 Senate test

The CLARITY Act has reached a Sept. 15 Senate cloture vote that will determine whether senators begin formal floor debate on the U.S. crypto market-structure bill. Summary The Senate has scheduled a September 15 cloture vote on proceeding to the CLARITY Act. Sixty votes are generally required for cloture, making Democratic support necessary if Republicans remain united. The procedural vote would open debate but would not approve the legislation or final text. White House adviser Patrick Witt has warned that failure could close Congress’s current legislative window. Banking, ethics and anti-money-laundering provisions remain contested before senators can negotiate a final bipartisan measure. Reuters reported on Sept. 9 that cryptocurrency companies and banking groups had intensified their lobbying before the procedural vote. The two industries disagree over stablecoin rewards, bank deposits, anti-money-laundering controls and the division of regulatory authority. Patrick Witt, executive director of the White House Digital Asset Advisory Council, has urged senators from both parties to support the motion to proceed. He warned that a failed vote could close the available legislative w...