What A 2021 Crypto Procedural Vote Signals For Clarity Act Cloture

The Clarity Act now faces a similar procedural hurdle. The cloture motion on September 15 requires 60 votes to advance. Senior staff are negotiating outstanding issues during the August recess. They are working on a stronger ethics agreement with the White House and reconciling the Senate Banking and Agriculture Committee versions of the bill. Concessions on yield for banks and adjustments to developer protections and illicit finance measures are also on the table.

Lummis, who helped lead the 2021 effort, is determined to see the bill pass before she retires at the end of this congressional session. “I will not give up because I believe to my core that this industry deserves to thrive with clear rules of the road on US soil,” she said during the debate before the August recess. “Consumers deserve to be protected from scams and law enforcement deserves the tools they need to hold bad actors accountable.”

To stack the deck, Lummis and Senator Bernie Moreno just co-signed the Credit Card Competition Act, a bill banks oppose. The move signals that opponents of the Clarity Act may have to choose which legislative fight they want to lose.

The 2021 episode taught the industry that bipartisan support is essential and that Senate procedures can turn on a single objection. The September 15 cloture vote will test whether the political muscle built since then is enough to clear the path. The Senate returns from recess on September 9. The vote is scheduled for September 15.