Senate Vote Looms, CLARITY Act Negotiations at Risk
A Senate vote on the CLARITY Act is set for September 15, but Sen. Ruben Gallego (D-AZ) warns that rushing the bill could derail deal. Gallego urged the crypto industry to support continued negotiations instead of demanding immediate floor action.
Gallego's warning comes before a scheduled cloture vote on the motion to proceed to H.R. 3633, which would decide whether the Senate begins formal consideration of the bill. The procedural vote would not pass the bill, but would determine whether the Senate begins formal consideration.
Key Issues Remain Unresolved
The Senate Banking Committee advanced its version of the bill in May, but Gallego's committee support did not guarantee that he would vote for the bill without changes. The administration has not provided a point-by-point response to bipartisan ethics language sent to the White House, leaving a central source of Democratic opposition unresolved.
Bipartisan Disagreements Persist
Banks and crypto companies remain divided over whether platforms should offer rewards linked to stablecoin balances. The ethics dispute is not the Senate's only unresolved issue, as lawmakers must also complete the Senate Agriculture Committee provisions dealing with the Commodity Futures Trading Commission.
Next Steps Uncertain
If cloture fails, Senate leaders could continue negotiating and attempt another vote. However, the shrinking calendar before the November midterm elections would make further floor action more difficult. If cloture succeeds, senators can proceed to debate and amendments, but passage would still require the Senate to approve the completed bill.
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