CLARITY gets a September Senate floor date as CFTC signals a limited regulatory fallback

The U.S. Senate has put the Digital Asset Market Clarity Act on course for a 60-vote procedural test on Sept. 15.The bill is intended to create a broader federal framework for digital asset markets.Under the official floor schedule, cloture on the motion to proceed to H.R. 3633 is scheduled to ripen at 2:15 p.m. A successful vote would move the Senate toward considering the bill. It would not pass the legislation.Why the Senate vote mattersSenate rules require three-fifths of senators duly chosen and sworn to invoke cloture on a legislative motion, which means 60 votes in a fully seated chamber. The Senate has 53 Republicans, 45 Democrats and two independents. If every Republican supports cloture and all seats are filled, backers would still need at least seven votes from Democrats or independents.The bill advanced from the Senate Banking Committee in a bipartisan 15-9 vote in May, but that tally does not establish its floor support. Seven Democratic senators, Angela Alsobrooks, Cory Booker, Catherine Cortez Masto, Ruben Gallego, John Hickenlooper, Mark Warner and Raphael Warnock, said in July that the current text fell short on ethics, consumer protection, illicit finance, conflic...