The U.S. Senate has moved the Digital Asset Market CLARITY Act closer to a floor vote by filing cloture on the motion to proceed, but the legislation will not be debated before lawmakers leave for their August recess. Senate Majority Leader John Thune filed the procedural motion on Saturday, shortly before the chamber adjourned, setting up a showdown when the Senate reconvenes on September 14.
The 616-page bill, released on July 23, merges the Senate Banking Committee's market-structure framework with the Senate Agriculture Committee's commodity-market provisions and adds titles on government ethics, law-enforcement tools, and developer protections that neither committee produced alone. It divides digital assets into three statutory categories: digital commodities overseen by the CFTC, investment-contract assets under the SEC, and permitted payment stablecoins governed by the GENIUS Act enacted in July 2025. An ETP grandfather clause permanently classifies tokens that anchored a qualifying exchange-traded product before January 1, 2026 — including Bitcoin, Ether, XRP, SOL, and DOGE — as non-securities without requiring issuer action.