Clarity Act Gets a Sept. 15 Floor Vote. The Votes Aren't There.

Senate Majority Leader John Thune filed cloture on the motion to proceed to the Digital Asset Market Clarity Act at 4:52 a.m. ET Saturday, in the final minutes of an overnight session that ran past the chamber's scheduled August recess departure. The filing on H.R. 3633, calendar number 423, came right after Thune filed cloture on a judicial nomination, according to the Senate Press Gallery's floor log. The Senate reconvenes Sept. 14 and will vote on the motion at 2:15 p.m. ET on Sept. 15, according to Crypto In America host Eleanor Terrett.

The cloture filing sets up the first Senate floor vote on crypto market structure legislation. The path to passage remains narrow. Invoking cloture only limits debate on the motion to proceed; it does not pass the bill or open debate on the legislation itself. Cloture requires 60 votes. Republicans hold 53 seats. The motion needs at least seven Democrats or independents even if every Republican votes yes. That is not assured. Sen. Josh Hawley (R-Mo.) has said he will withhold support until the bill addresses the risk of deposits draining from community banks.