Lummis Says CLARITY Act Vote Is ‘Now or Never’
Sen. Cynthia Lummis said the upcoming CLARITY Act vote could determine whether the legislation moves forward this year, urging Democrats to support the 2:15 p.m. ET / 18:15 UTC cloture vote.
Lummis said negotiators had incorporated more than 120 Democratic requests into the latest text, including an ethics agreement covering the president, vice president, members of Congress and federal judges.
Speaking to reporters ahead of the vote, Lummis also warned that a failed cloture vote could effectively end the current push for the bill after more than a year of negotiations. She said the latest package gives Democrats many of the changes they had sought while providing the regulatory certainty the crypto industry has been asking Congress to establish.
Bessent and Sherman Clash Over Crypto and Taxpayer Funds
Rep. Brad Sherman pressed Treasury Secretary Scott Bessent over whether the federal government could use taxpayer money to support crypto assets or direct U.S. banks to increase their exposure to Bitcoin.
Bessent pushed back, saying the Treasury Department does not have the authority to direct banks to buy Bitcoin or deploy taxpayer funds to support the asset. He said the same limitation applies to his role as chair of the Financial Stability Oversight Council.
The exchange came during Bessent’s testimony before the House Financial Services Committee, less than two hours before the Senate’s scheduled CLARITY Act procedural vote at 2:15 p.m. ET / 18:15 UTC.
Senate Convenes Ahead of CLARITY Act Vote
The U.S. Senate convened at 10:00 a.m. ET / 14:00 UTC on Tuesday, with the CLARITY Act vote scheduled later in the session.
The official Senate schedule lists a cloture vote on the motion to proceed to H.R. 3633 at approximately 2:15 p.m. ET / 18:15 UTC.
The Senate is handling other floor business earlier in the day before returning for the scheduled crypto market structure vote.
The proceedings can be followed through the Senate’s official floor webcast, while the final tally will be published in the chamber’s roll-call record.
September 14 — Republicans Release Revised CLARITY Act Text
Senate Republican negotiators released another version of the legislation before the vote, saying it incorporated 126 substantive changes requested by Democrats during negotiations.
The revisions strengthened provisions restricting certain crypto interests held by federal officials and expanded the role available to state attorneys general in enforcing parts of the ethics framework.
The Crypto Times covered the final CLARITY Act draft and its revised ethics provisions ahead of Tuesday’s Senate vote.
The latest text also addresses concerns involving stablecoin-related deposit flight, developer protections and enforcement powers.
However, the revisions have not produced a publicly confirmed 60-vote coalition heading into the vote.
CLARITY Act Vote About Two Hours Away
The U.S. Senate remains scheduled to vote at approximately 2:15 p.m. ET / 18:15 UTC on cloture on the motion to proceed to the CLARITY Act, with supporters still needing 60 votes to clear the procedural hurdle.
The outcome remains uncertain after another round of negotiations and revisions aimed at addressing Democratic concerns. Republican leaders have not publicly confirmed that they have secured enough support to advance the bill.
Bitcoin (BTC) was trading near $76,268 at the time of writing, after moving between a 24-hour low of $75,594.78 and a high of $79,529.96, according to CoinGecko. The decline leaves BTC roughly 4% below its 24-hour high as crypto markets wait for the Senate vote.
The vote will determine whether the Senate can move toward formal consideration of H.R. 3633. It is not a final passage vote on the CLARITY Act.
Bitcoin Slips to $76.3K Ahead of CLARITY Act Vote
Bitcoin (BTC) fell to around $76,268 as the U.S. Senate moved closer to today’s CLARITY Act procedural vote, with uncertainty still hanging over whether the bill can secure the 60 votes needed to advance.
CoinGecko data showed Bitcoin trading between a 24-hour low of $75,594.78 and a high of $79,529.96, leaving BTC roughly 4% below the session peak. The decline comes ahead of the Senate vote scheduled for approximately 2:15 p.m. ET / 18:15 UTC.
Bitcoin’s market capitalization stood near $1.532 trillion, while 24-hour trading volume was about $35 billion at the time of writing. The price move keeps crypto markets under pressure as traders await clarity on whether the Senate will move H.R. 3633 toward floor consideration.
Also Read: CLARITY Act: Democrats Send Counterproposal Hours Before Senate Cloture Vote
