Senate Republicans released updated text of the CLARITY Act as lawmakers prepare for a procedural (cloture) vote set for Sept. 15, marking a key test for whether the bill can clear debate.
The revised CLARITY Act text has circulated in recent days, and multiple industry trackers say the Senate aims to hold a cloture vote on Sept. 15 to open debate on the digital-asset bill.
Senate-focused coverage notes that Republicans revised the bill’s language ahead of that vote; one report said the updated text was released by Senate Republicans and that the measure still needs Democratic support to advance.
Analysts and trade trackers show the bill has drawn heavy lobbying from crypto firms and banks as senators weigh provisions that split jurisdiction between the SEC and the CFTC and define when tokens are securities.
One account reported the new proposal runs several hundred pages — earlier Senate text was described as roughly 616 pages in July — and that the most recent offer would require 60 votes to begin debate.
That 60-vote threshold means Republicans cannot reach cloture on their own and would need some Democratic backing if the floor test happens on Sept. 15, according to coverage of the latest draft.
The CLARITY Act has been debated in committee and was advanced earlier this year; supporters say it aims to route certain decentralized commodities to the CFTC while keeping investment-contract fundraising under the SEC.
As senators prepared for the upcoming test, lobbying activity intensified, with industry groups and banks pressing members in their home states ahead of the planned cloture vote.
Why it matters: passage would decide whether Congress sets a statutory framework for crypto markets this session or leaves regulation to agencies, affecting exchanges, custody providers and banks that handle digital assets.
Two internal stories add context on the Senate stakes: Republicans face narrow control questions that could affect floor strategy, and leadership changes at the chamber were reported in recent days.
For background on Senate dynamics see Thune warns Republicans could lose Senate control and reports that McConnell expected to return to Senate on September 14.
Sources
- Investors Business Daily — reported Senate Republicans released updated CLARITY Act text and noted the bill still needs Democrat support.
- Journal Record — described lobbying by crypto and banking groups ahead of a Sept. 15 procedural vote.
- Paul Hastings — tracked earlier July Senate text and described the updated Senate draft.
- Bitcoin Foundation — reported the most recent proposal would require 60 votes to open debate.
- CryptoSlate — covered the Sept. 15 cloture timetable and outstanding negotiating points.
