Crypto▼ Bearish
Thune Holds Off CLARITY Act Cloture Before August Recess
The Senate passed a stopgap CR 89-4 instead of advancing Clarity Act cloture; the crypto bill needs 60 votes with the August recess deadline approaching.
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Senate Majority Leader John Thune did not file a cloture motion on the Clarity Act in the Senate's latest floor session, a delay that tightens the timeline for the crypto market-structure bill before the August recess. The Senate instead moved a continuing resolution to keep the government funded, voting 89-4 to prevent a shutdown ahead of the midterm elections.
Eleanor Terrett, host of Crypto In America, said procedural issues tied to the CR explain Thune's decision to stay away from cloture. The vote count is uncertain too, she said; a filibuster dispute over ethics rules and the Blockchain Regulatory Certainty Act, which defines the crypto activities that trigger state money-transmitter rules, has yet to settle.
Republicans hold 53 seats, so the measure needs Democratic support to reach the 60-vote cloture threshold. The White House has not yet responded to the new bipartisan ethics counteroffer from senators, Terrett said. Some lawmakers now appear focused on forcing a floor vote simply to put senators on record, even if the bill falls short of 60. The point of a recorded vote, she said, is a public tally of where every senator stands on crypto market structure before the November midterms, win or lose.
The Wall Street Journal editorial board urged Senate Republicans to amend the measure, writing that the crypto legislation "could exploit this exemption to route illicit payments." Crypto advocates pushed back against the editorial.