CLARITY Act Cloture Filed, Senate Vote Slated for September

Negotiations around the bill are ongoing. The stablecoin yield clause has re-emerged as a major point of contention. Banks have made “significant inroads in persuading Republican members that the language needs to be changed,” Terrett wrote, citing industry sources. A bipartisan ethics agreement is also still being worked out. No word has come from the White House on the proposal.

Despite the sticking points, Terrett said there are still enough votes in the legislature to pass the bill, provided lawmakers can resolve the yield clause.

The CLARITY Act would establish a federal regulatory regime for digital assets, defining when a token is a security or a commodity and clarifying obligations for exchanges. The Senate returns from its August recess in September, at which point the cloture motion will allow a floor vote to proceed.

CoinGape reported the news earlier Saturday. The outlet has covered the cryptocurrency industry since 2017.