US Senate to vote on advancing CLARITY Act in September after Thune files cloture

The US Senate is set to vote on advancing the CLARITY Act in September after Senator John Thune filed cloture on the motion to bring the digital asset market legislation to the Senate floor for consideration. The CLARITY Act, also known as the Digital Asset Market Clarity Act, aims to establish a federal market structure for digital assets, clarify their classification under securities or commodities laws, and delineate oversight responsibilities between the Securities and Exchange Commission and the Commodity Futures Trading Commission.

Negotiations have been complicated by disagreements over ethics provisions and rules governing stablecoin rewards. While the cloture vote does not guarantee the bill's passage, it marks a significant step forward for the legislation.

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