U.S. Rep. French Hill, chair of the House Financial Services Committee, expressed confidence that the CLARITY Act will gain congressional approval before the November midterm elections. The Arkansas Republican's optimism comes as the Senate prepares for a cloture vote on the cryptocurrency market structure bill.
Hill stated during a Fox Business interview that passing the CLARITY Act is critical for the U.S. digital asset industry. The House previously passed the legislation with bipartisan support, securing 78 Democratic votes alongside Republican backing.
Senate Vote Scheduled for September 15
Senate Majority Leader John Thune filed cloture on the CLARITY Act before the August recess. The Senate is set to hold a cloture vote on September 15 at 2:15 p.m. ET. If successful, the vote would limit further debate and advance the bill.
The legislation requires 60 votes to overcome a Democratic filibuster. Republicans currently hold 53 Senate seats, meaning Democratic support will be necessary for passage under current chamber rules.
Timing Challenges Ahead
The legislative calendar presents potential obstacles to passage. Approximately 15 legislative days remain before the November elections. The House has cancelled sessions scheduled for the last two weeks of September, with an election recess expected to begin by September 17.
Following the Senate vote, the House will have limited time to consider any amendments, potentially complicating the path to enactment before the midterms.
Hill acknowledged the collaborative effort across both parties. "Members on both sides of the aisle in the Senate, in my view, have worked tirelessly over the last year to find consensus," he said, adding that ultimately "it all comes down to the votes."
The CLARITY Act represents the next phase of digital asset regulation following the GENIUS Act, which established a federal payment stablecoin framework.
