Policy
White House Urges Senate Democrats to Support CLARITY Act Ahead of Sept. 15 Vote
The White House has intensified its efforts to rally support for the CLARITY Act among Senate Democrats, emphasizing the urgency of a vote scheduled for September 15. Patrick Witt, the executive director of the Presidential Council of Advisors for Digital Assets, criticized Senate Minority Leader Chuck Schumer and others for delaying a procedural vote on the bill during the August recess.
Witt stated that Congress has had ample time to negotiate crypto market structure legislation, asserting, “If they can’t get there by September 15, they never will.” Republican Senator Bernie Moreno echoed this sentiment, framing the upcoming vote as pivotal for maintaining the U.S. leadership in digital asset innovation.
The Senate Majority Leader John Thune has filed a cloture motion for a 2:15 p.m. vote on September 15, which will determine whether the Senate can proceed with formal consideration of the CLARITY Act. This procedural vote requires 60 votes, meaning that at least seven Democrats must support it for the legislation to advance.
Moreno expressed confidence that all 53 Senate Republicans will back the motion, leaving the outcome dependent on Democratic support. He dismissed calls for further negotiations, claiming that prior agreements reached weeks ago should be honored.
The CLARITY Act, which aims to provide a comprehensive regulatory framework for digital assets, was advanced by the Senate Banking Committee in May with bipartisan backing. However, ongoing disputes over ethics restrictions and stablecoin rewards have complicated its progress.
If the September 15 vote fails to invoke cloture, it would not formally kill the CLARITY Act but would raise significant doubts about Congress's ability to pass bipartisan market structure legislation this year.
FAQ
What is the CLARITY Act?
The CLARITY Act is legislation aimed at providing a comprehensive regulatory framework for digital assets in the United States.
When is the vote on the CLARITY Act scheduled?
The vote on the CLARITY Act is scheduled for September 15 at 2:15 p.m.
What is required for the Senate to proceed with the CLARITY Act?
The Senate requires 60 votes to invoke cloture, meaning at least seven Democrats must support the motion for the legislation to advance.
Who has criticized the delay in voting on the CLARITY Act?
Patrick Witt, the executive director of the Presidential Council of Advisors for Digital Assets, criticized Senate Minority Leader Chuck Schumer and others for delaying the procedural vote during the August recess.
What would happen if the September 15 vote fails?
If the vote fails to invoke cloture, it would not formally kill the CLARITY Act but would raise significant doubts about Congress's ability to pass bipartisan market structure legislation this year.