Senate schedules Sept. 15 CLARITY vote as CFTC signals fallback

The Senate has scheduled cloture on the motion to proceed to H.R. 3633 for 2:15 p.m. on Sept. 15. Senate rules require three-fifths of senators to invoke cloture on a legislative motion. A fully seated chamber would require 60 votes. The Senate has 53 Republicans. It has 45 Democrats. It has two independents. Supporters would need at least seven Democratic or independent votes if all Republicans support cloture and all seats are filled. The Senate Banking Committee advanced the bill by a 15-9 vote in May. That vote does not establish support on the Senate floor. Seven Democratic senators said in July that the text fell short on ethics, consumer protection, illicit finance, conflicts of interest and market integrity. Selig said on Aug. 20 that the CFTC could take crypto-market steps under existing authority if the bill continued to stall. Selig described the delay as Democratic obstruction. The CFTC agenda includes joint work with the SEC on regulatory jurisdiction for crypto assets. The agenda also includes rules for tokenized collateral. It includes rules for leveraged retail transactions. It includes possible pathways for perpetual derivatives. It includes possible exemptions or safe harbors. The CFTC can police fraud and manipulation in spot digital commodity markets. It can regulate derivatives within its jurisdiction. Selig said legislation would add a broader framework for trading-platform registration, examinations and customer-fund segregation. Coinbase CEO Brian Armstrong suggested regulators could issue rules on Sept. 16. Selig's statement and the CFTC's published agenda do not confirm that date. The Senate would still need to pass the bill, resolve differences with the House-approved version and send identical legislation to the president.