Overview
- The Senate will vote on a cloture motion to proceed to the CLARITY Act at 2:15 p.m. ET on September 15, and the motion needs 60 votes to open debate.
- Support has slipped and negotiators say the bill may fail to reach 60 votes because of three unresolved fights over ethics rules tied to President Trump, limits on interest-like stablecoin rewards pressed by banks, and liability protections for decentralized finance developers.
- Crypto industry groups have launched seven-figure national advertising and grassroots campaigns to pressure undecided senators while banking trade groups and community lenders are lobbying home-state offices to tighten stablecoin rules.
- Treasury Secretary Scott Bessent urged senators to keep negotiating and advance the bill, but market analysts such as Galaxy Digital have cut passage odds to roughly 10% because of the tight Senate math and a compressed congressional calendar.
- If cloture fails supporters say agencies would fill many policy gaps by rulemaking, a path that could be narrower, more reversible, and invite legal challenges while U.S. rivals continue to build their own digital-asset frameworks.