Senate Sets Sept. 15 Cloture Vote on Crypto Clarity Act as 2021 Block Still Looms
Updated
Updated · Forbes · Aug 18
Senate Sets Sept. 15 Cloture Vote on Crypto Clarity Act as 2021 Block Still Looms
1 articles · Updated · Forbes · Aug 18
Summary
Sept. 15 will decide whether the Clarity Act reaches a full Senate floor vote or effectively dies, making cloture the key hurdle for the biggest U.S. crypto market-structure bill in years.
Senior staff are still negotiating bipartisan compromises during recess, including White House ethics language, reconciling Banking and Agriculture committee versions, and disputes over yield, developer protections and illicit-finance rules.
A similar push unraveled in August 2021, when Sen. Richard Shelby blocked a unanimous-consent vote on a bipartisan crypto tax-reporting amendment unless lawmakers also accepted $50 billion in military spending.
Sen. Cynthia Lummis, a lead negotiator in 2021 who plans to retire after this Congress, is pressing to pass the bill and has teamed with Sen. Bernie Moreno on the bank-opposed Credit Card Competition Act to build leverage.
The vote is shaping up as a test of how much political muscle the crypto industry has built since 2021, when its first major coordinated lobbying effort fell short despite bipartisan backing.