U.S. Senate opens first stage of crypto Clarity Act voting to give bill a chance next month

The legislation now gets into a crowded line to move through an arcane Senate procedure known as cloture, which involves a number of steps and waiting periods before a disputed piece of legislation can reach a final vote. Clarity joins a number of other unfinished bills heading toward a three-week window of Senate floor time in September — the final period before Congress leaves Washington and lawmakers devote their attention to the November midterm elections. Still, Majority Leader John Thune's move to begin this process means the Senate can get to its first procedural vote almost immediately after it returns, potentially clearing that initial hurdle on day two of the September session.

The negotiators have several weeks to come up with answers for a number of disagreements still hanging over the bill, including the details of its illicit-finance protections, the lingering dispute over stablecoin rewards and its government-ethics provision.

Clarity is likely to require the support of at least 10 Senate Democrats if it's going to clear the 60-vote threshold needed to pass Senate bills. So far, that support has been in doubt as the Democrats who have been most involved in trying to advance the legislation have dug in their heels over Clarity's ban against senior government officials, including President Donald Trump, backing crypto projects.