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The Senate won't vote on the Clarity Act before its month-long August recess. Majority Leader John Thune confirmed the delay late Thursday, meaning the crypto market bill's fate will now likely be decided in the narrow window before midterm campaigning takes over the Senate's calendar.
What's the Scoop?
- Why now: Senate Democrats declined to sign off on the "time agreement" Republicans needed to clear their pre-recess checklist, insisting crypto negotiations continue first. That kind of agreement would require all 100 senators on board, so Thune couldn't tee up a floor vote before Friday's recess.
- Next up: Thune noted that the bill would be first on the slate once the Senate reconvenes. He may still file cloture, a procedural step, before lawmakers leave town, though that alone wouldn't force an actual vote until September.
- Still unresolved: Ethics language covering Trump-family crypto holdings remains the biggest sticking point, on top of Democratic demands for stronger law-enforcement tools and changes to the commodities section overseen by the Senate Agriculture Committee. A separate fight over interest-bearing stablecoin rewards, which has pitted crypto firms against traditional banks, has simmered for months.
- The threshold: The bill needs 60 votes to clear the Senate, then a return trip to the House before reaching Trump's desk, all before election-season attention crowds out the calendar.
