The crypto industry, naturally, is urging passage. The common perception online is that Clarity includes some investor protection rules and creates some structure for crypto products, while not passing the bill would mean no investor protections.
If the bill is to be passed by the Senate before the summer recess begins, the first thing to look at is the motion to move forward on Monday or Tuesday. This starts the formal process. If the motion to proceed is filed by Wednesday, that would give the Senate enough time to vote on the bill before Aug. 7, the last day of the summer session, a person following the process said.
If the motion to proceed is ripe—meaning it has been an hour or so on the second day after the motion was filed, according to the non-profit organization, the Congressional Institute—then a cloture vote can occur, most likely on an amendment in the nature of a substitute (i.e. new text of the bill). If that passes, another cloture vote could take place later for actual passage of the bill.
“Holiday deadlines are powerful tools,” Kristin Smith, president of the Solana Policy Institute, told CoinDesk.
In practical terms, this most likely means we’ll see a proposal moving forward on Monday or Tuesday, two industry sources told CoinDesk, with a vote potentially taking place late next week.