The crypto industry is naturally urging its approval. The common refrain online is that Clarity includes some investor protection rules and creates some structure for crypto products, while failing to pass the bill would mean no investor protection.
If the bill must pass the Senate before the summer recess begins, the first thing to consider is a motion to proceed on Monday or Tuesday. This begins the formal process. If the motion to proceed is filed before Wednesday, a person who followed the process said, that would still give the Senate enough time to vote on the bill before Aug. 7, the last day of the summer session.
If the motion to proceed matures (i.e., it has been an hour into the second day since the motion was introduced, according to the nonprofit Congressional Institute) there may be a cloture vote, most likely on the amendment of a substitute nature (i.e., the new text of the bill). If that passes, there may be another cloture vote later for actual passage of the bill.
“Recess deadlines are powerful tools,” Kristin Smith, president of the Solana Policy Institute, told CoinDesk.
On a practical note, what this likely means is that we will see the motion to proceed on Monday or Tuesday, two industry sources told CoinDesk, with a vote possible late next week.
