Moreno Ends CLARITY Talks, Cloture Vote Set for Sept 15

Senator Bernie Moreno said the eleven months of negotiations on the Digital Asset Market Clarity Act between Senate Republicans and Democrats are over. The cloture vote, scheduled for September 15 after Majority Leader John Thune filed the motion, will decide the bill's fate, Moreno said.

Moreno posted on social media that there was "absolutely nothing to iron out." He said the agreement was reached weeks ago and all parties "would be expected to keep their commitments." He added that senators would "have to choose between handing the industry to China or embracing American exceptionalism."

The bill faces opposition from two Republican senators. Jerry Moran of Kansas cited "consequences on the people who rely upon banks in small towns across Kansas." Josh Hawley of Missouri told Politico that farmers and ranchers in his state are "very, very concerned that deposit flight in small towns could absolutely kill their ability to get ag loans."

Even with all 53 Republican senators voting in favor, the CLARITY Act would need 60 votes to pass. That means at least seven Democrats must support it. Some analysts said that is unlikely. Democrats are still negotiating the ethics provision with the White House, and President Donald Trump's own crypto ventures complicate the talks, the analysts said.