The Senate began a cloture vote at 2:15 PM ET on the Clarity Act, a digital assets regulatory bill requiring 60 votes to advance to the floor. The bill's prospects shifted sharply on Sunday night when Senate Republicans released what they called their final draft and President Trump agreed to a tightened ethics package. That shift reversed Monday morning as 18 state attorneys general urged senators to vote no and eight bank trade groups demanded the legislation impose stricter limits on stablecoin reward mechanisms.
Treasury Secretary Bessent and SEC Chair Atkins have publicly endorsed the bill, citing U.S. technology leadership as the rationale for its passage. Atkins said the agency would continue pursuing crypto rules independent of whether the legislation clears the Senate.
Senate Democrats sent a counter offer to Republicans hours before the vote. The competing drafts show continued dispute over the bill's terms. The 60-vote threshold, requiring support from both parties in a narrowly divided chamber, remains genuinely uncertain.
The Clarity Act would establish federal authority over digital asset market conduct, preempting state-level regulation and creating a single framework for stablecoin issuance and trading. Banking groups have opposed the stablecoin provisions as insufficiently protective of deposit insurance and payment system stability. State attorneys general have cited consumer protection concerns.
A cloture motion failing would not kill the bill outright but would require Republican leadership to either negotiate further amendments or abandon the floor schedule. Success at 60 votes today advances debate; passage of the underlying bill requires a separate majority vote that would follow.
Institutional market odds on passage moved from 19% to 35% within 48 hours. The competing demands from Treasury, the SEC, state regulators, and banking interests remain unresolved with limited time before the vote.
