The crypto industry has launched a seven-figure national advertising campaign aimed at banks as it seeks to rescue the CLARITY Act ahead of a crucial Senate vote next week.
The Senate is scheduled to vote Sept. 15 on whether to invoke cloture on a motion to proceed to the Digital Asset Market Clarity Act. Cloture is a procedural hurdle requiring 60 votes to advance the measure and open it up for debate.
The bill would establish federal rules for digital-asset markets, dividing regulatory oversight between the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC).
Passing cloture would only open debate on the legislation, meaning lawmakers would still need to clear additional procedural steps before the bill could reach final passage. With a week remaining before the vote, senators involved in the negotiations are reportedly divided over the measure's prospects.
