Senate Majority Leader John Thune filed a procedural motion on the Clarity Act on Saturday morning, setting the stage for an initial vote on September 15 at 2:15 p.m. ET. This bill, H.R. 3633, aims to establish a formal legal framework for cryptocurrency in the United States, delineating jurisdiction between the SEC and CFTC, with much of the industry falling under the CFTC’s purview. Republicans need approximately six additional Democratic crossovers to reach the required 60-vote threshold in the Senate. Among the remaining sticking points were protections against illicit financing, the unresolved fight over stablecoin yield and rewards, and ethics provisions concerning President Trump’s crypto holdings, which would require him to divest from crypto-related businesses.
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