Thune: Senate Likely to Vote on CLARITY Act Before Recess

Senate Majority Leader John Thune said the chamber will “probably” hold a vote on the CLARITY Act before the August recess. Thune made the comment Wednesday night on Fox News’s Hannity, where he also discussed the SAVE Act, a bill requiring proof of citizenship to vote. “We will see if the Democrats give us the vote to get on that,” Thune said.

The CLARITY Act would set consumer protections and a regulatory path for digital assets, including rules for stablecoin issuers and custody providers, according to the bill’s sponsors. Passing the legislation requires 60 votes in the Senate to overcome a filibuster. Republican control is slim, and Democratic support for the measure is uncertain. The Senate has a packed calendar before recess, which halts action until September.

A group of large financial firms has publicly backed the legislation. Goldman Sachs, Franklin Templeton, Fidelity, Schwab, and BlackRock each issued statements in support. Each is already active in crypto, and clearer rules would validate their offerings as financial services evolve. Goldman Sachs, which carries an Alpha Score of 62, has been a vocal advocate. The firm’s CEO previously backed the bill in public remarks. Goldman CEO backs CLARITY Act as banks fight stablecoin rewards.

Traditional banks have pushed back. They argue the bill could let stablecoin issuers and crypto firms compete for deposits and payments, eroding their deposit base and revenue. That tension mirrors broader debates over the role of digital assets in the financial system.

Some observers have said that even if the Senate fails to pass the CLARITY Act, the Securities and Exchange Commission and Commodity Futures Trading Commission could move forward with updated rules on their own. The agencies have signaled interest in filling the regulatory gap, according to people familiar with their thinking. No date has been set for the floor vote.