US Senate CLARITY Act Talks Gain Momentum, Leaving Pre-Recess Vote Possible

Bipartisan negotiations over the CLARITY Act, the US Senate's digital-asset market structure bill, have accelerated, keeping alive the possibility of a vote before the summer recess.

Punchbowl News reporter Brendan Pedersen wrote on Aug. 5 that the CLARITY Act is "not dead yet" and that a vote before Congress breaks for recess remains possible.

Senate Majority Leader John Thune has not yet filed for cloture on the bill, a step required before a floor vote can proceed. The Senate is scheduled to begin its summer recess on Aug. 7, leaving little time.

Still, talks between Democrats and Republicans have moved quickly over the past 24 hours. Senate aides are working through the remaining policy disputes and are focused on crafting a compromise that moderate Democrats could support in a cloture vote.

Pedersen said a breakthrough in the negotiations could also change the position of Democratic leaders. With Senate Minority Leader Chuck Schumer also seeking a bipartisan agreement, a cloture vote on the CLARITY Act could become the Senate's final item of business before the summer recess.

For a vote to happen in the coming days, lawmakers would need to reach a scheduling agreement on other bills already before the chamber, Pedersen said. They would also need progress on the remaining CLARITY Act issues and a bipartisan agreement on the timing of the cloture process.

Even if those conditions are not met, Thune could still delay the Senate's recess and force a vote, he added. The bill's path will depend on the outcome of the negotiations.