- Majority Leader John Thune filed cloture, placing the Clarity Act on track for a potential procedural vote on September 15.
- Senators remain divided over ethics provisions tied to Trump’s crypto interests, with bipartisan negotiations continuing during the recess.
- Stablecoin safeguards and yield provisions remain key sticking points as lawmakers work toward a compromise before September.
The Senate delayed a procedural vote on the Clarity Act, but Majority Leader John Thune filed cloture before the August recess. The filing places the bill on the Senate’s September schedule, with a potential procedural vote set for September 15 after lawmakers return from their five-week break.
Thune Sets Clarity Act Vote For September
Thune filed cloture on the motion to proceed early Saturday morning. The move followed Republican frustration after the Senate left Washington without scheduling the expected vote. Sen. Cynthia Lummis, the bill’s Republican sponsor, said she remained frustrated by the delay.
However, the filing gave the legislation a scheduled path when lawmakers return. According to Crypto In America, Thune’s staff had told industry leaders Friday that the filing was expected. The Senate will reconvene September 14 for a three-week session.
Meanwhile, negotiations remain focused on an ethics agreement involving President Trump’s crypto interests. Sen. Thom Tillis said the bill’s passage odds could fall sharply as midterm elections approach.
Ethics Deal Remains Central To Talks
Democrats sought more time for negotiations, according to Punchbowl News. Republicans blamed Democrats for resisting compromise, while Democrats pointed to the White House’s position. Banks also opposed parts of the bill, particularly its stablecoin safeguards.
Two Republican senators have raised concerns about supporting the legislation without changes. Lummis and Sen. Bernie Moreno responded by joining the bipartisan Credit Card Competition Act. Sens. Roger Marshall, Peter Welch and Dick Durbin also support that measure.
A bipartisan ethics proposal from Tillis and Sen. Ruben Gallego would give state attorneys general enforcement authority. Bloomberg reported that it would also require Trump to divest from crypto-related business interests.
Trump said he could accept placing his family’s crypto businesses in a blind trust. However, he objected to provisions that would apply specifically to him.
Crypto Industry Waits For September
Fairshake and its affiliates recently reported nearly $129 million in combined cash. Without a Senate vote, the political network lacks a new roll call for election spending decisions.
Cody Carbone, CEO of the Digital Chamber, said industry participants expect to remain in “ethics limbo” during the recess. Further discussions may cover the Blockchain Regulatory Certainty Act and commodities provisions.
Negotiators may also revisit stablecoin yield provisions to address Republican concerns. Senators, lobbyists and industry representatives will have five weeks before the Senate returns.
The White House had not publicly responded to the bipartisan ethics counteroffer as of Friday.
