CLARITY Act vote pushed to September as expectations build for SEC's crypto and blockchain rules overhaul

Senate majority leader John Thune has filed cloture – which forces a final vote on a bill – on the proposed CLARITY Act for September 15, setting up a key procedural vote when lawmakers return. The bill needs 60 votes to pass, meaning Republicans will need to secure support from Democrats who, according to Reuters, remain opposed to parts of the legislation.

The delay has weakened expectations around the bill’s passing, with analysts warning that the limited legislative calendar and November elections could make passage difficult. However, there remains a lot of optimism among supporters that lawmakers can resolve the remaining conflicts.

Former New York governor Andrew Cuomo is among those expecting the legislation to pass. Speaking to Yahoo Finance, Cuomo said he expects Congress to approve the CLARITY Act once lawmakers settle a dispute over ethics provisions.

His comments come despite prediction markets lowering their assessment of the bill’s chances following the delay.

What is the CLARITY Act?

The Digital Asset Market Clarity Act is designed to establish a federal regulatory framework for digital assets and draw clearer boundaries between the SEC and the CFTC.

A key feature is the distinction between digital assets that should fall under securities regulation and those that should be treated as digital commodities. The legislation would give the CFTC a significantly larger role in overseeing digital commodity markets while maintaining SEC jurisdiction over digital assets that qualify as securities.