The crypto industry, naturally, is urging passage. The common refrain online is that Clarity includes some investor protection rules and creates some structure for crypto products, while not passing the bill would mean there are no investor protections.
If the bill is to pass the Senate before summer recess begins, the first thing to watch for is a motion to proceed on Monday or Tuesday. This kicks off the formal process. If the motion to proceed is filed by Wednesday, one individual following the process said, that would still give the Senate enough time to vote on the bill before August 7, the last day of the summer session.
If the motion to proceed ripens — meaning it’s been an hour into the second day after the motion is filed, according to the Congressional Institute, a not-for-profit organization — there can be a cloture vote, most likely on the amendment in the nature of a substitute (i.e. the new text of the bill). If that passes, there can be another cloture vote later on for the actual passage of the bill.
“Recess deadlines are powerful tools,” Kristin Smith, the president of the Solana Policy Institute, told CoinDesk.
On a practical note, what this most likely means is we’ll see the motion to proceed Monday or Tuesday, two industry sources told CoinDesk, with a possible vote late next week.