The CLARITY Act has stalled in the Senate after a motion to invoke cloture on the crypto bill failed to reach the 60-vote threshold. This represents a major setback for the crypto bill, with the odds of passage sharply declining on the back of this development.
Senate Fails To Invoke Cloture On CLARITY Act
The U.S. Senate failed to invoke cloture on the motion to proceed with consideration of the crypto bill, a major setback to passing it this year. The failure to invoke cloture followed Republicans’ rejection of Democrats’ counterproposal on the bill.
Senators voted 50 to 49 against invoking cloture on the CLARITY Act motion. Notably, key Democrats such as Senator Angela Alsobrooks, Ruben Gallego, and Kirsten Gillibrand, who had led negotiations, voted no on the motion.
Meanwhile, Republicans such as Senators Susan Collins, Josh Hawley, and Jerry Moran also voted no. Senator Thom Tillis, who was actively involved in negotiations on the ethics and stablecoin yield provisions, voted no and moved to recommit.
It remains unclear what happens next, as Senate Majority Leader John Thune can file another cloture motion. However, without a bipartisan deal, the CLARITY Act is unlikely to clear this key procedural hurdle toward becoming law.
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