Senate Majority Leader John Thune filed cloture on the motion to proceed before the August recess, placing the Clarity Act on the Senate's September calendar with a potential procedural vote as early as September 15.

Senators remain divided over ethics provisions tied to President Trump's crypto interests, and bipartisan negotiations are expected to continue throughout the five-week recess. Stablecoin safeguards and yield provisions remain key sticking points as lawmakers attempt to reach a compromise before the Senate reconvenes on September 14. The legislation is part of a broader Congressional effort to establish a federal framework for digital asset regulation, an area where the U.S. has lagged behind jurisdictions such as the European Union and the United Kingdom in providing comprehensive market-structure rules.

Thune Sets Clarity Act Vote for September

Thune filed cloture early Saturday morning, a procedural step that limits further debate and sets up a threshold vote requiring 60 senators to advance the bill. The move followed Republican frustration after the Senate departed Washington without scheduling the expected vote. According to Crypto In America, Thune's staff had informed industry leaders on Friday that the filing was anticipated.

Sen. Cynthia Lummis, the bill's Republican sponsor, expressed continued frustration with the delay but acknowledged that the filing at least gives the legislation a procedural path forward when lawmakers return for their three-week session.

Negotiations remain centered on an ethics agreement involving President Trump's crypto-related business interests. Sen. Thom Tillis cautioned that the bill's chances of passage could decline significantly as midterm elections draw closer—a dynamic that historically narrows the legislative window for complex, contested bills.

Ethics Deal Remains Central to Talks

Democrats requested additional time for negotiations, according to Punchbowl News. Republicans accused Democrats of resisting a compromise, while Democrats pointed to the White House's posture as the obstacle. Banking groups have also opposed portions of the bill, particularly its stablecoin safeguards, which could constrain traditional financial institutions seeking to issue their own payment tokens.

Two Republican senators have reportedly raised concerns about supporting the legislation without modifications. In a separate move, Lummis and Sen. Bernie Moreno joined the bipartisan Credit Card Competition Act, a measure also backed by Sens. Roger Marshall, Peter Welch, and Dick Durbin.

A bipartisan ethics proposal from Tillis and Sen. Ruben Gallego would grant state attorneys general enforcement authority. Bloomberg reported that the proposal would also require Trump to divest from crypto-related business interests. Trump indicated he could accept placing his family's crypto businesses in a blind trust but objected to provisions that would apply specifically to him.

Crypto Industry Awaits September

Fairshake and its affiliates recently reported nearly $129 million in combined cash on hand. Without a Senate vote, the political network lacks a fresh roll call to guide election spending decisions, leaving crypto-aligned PACs without a clear benchmark to rank incumbents on digital asset policy ahead of the midterms.

Cody Carbone, CEO of the Digital Chamber, said industry participants expect to remain in "ethics limbo" during the recess. Additional discussions may address the Blockchain Regulatory Certainty Act and commodities provisions. Negotiators may also revisit stablecoin yield provisions to address Republican concerns.

Senators, lobbyists, and industry representatives will have five weeks before the Senate returns. As of Friday, the White House had not publicly responded to the bipartisan ethics counteroffer.