With a procedural vote on landmark cryptocurrency legislation up in the air, bipartisan lawmakers are racing to resolve outstanding issues within the next few days that could determine the bill's fate in the Senate.
As of Wednesday afternoon, Senate Majority Leader John Thune, R-S.D., has not yet filed a cloture vote — a procedural vote that needs to happen before an actual vote on the Clarity Act. The chamber is scheduled to leave for a monthlong August recess on Friday before turning its attention to the November elections, leaving a narrow window for the bill to gain traction.
Still, Thune signaled on Wednesday morning that he still wanted to hold that procedural vote on Clarity, citing potential interest and cooperation in the coming days, according to reporting from Punchbowl News' Laura Weiss. The legislation would regulate the crypto industry for the first time comprehensively at the federal level and give broader authority to the Commodity Futures Trading Commission over digital assets.
A Senate Democratic staffer said movement on Clarity is at a "standstill."
"We're all kind of waiting to see what's going to happen," the staffer told The Block on Wednesday afternoon.
