The crypto industry naturally encourages 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 no investor protection.
If the bill is to pass the Senate before the summer recess begins, the first thing to watch for is a motion to continue on Monday or Tuesday. This starts the formal process. If the motion to continue is filed by Wednesday, a person following the process said that would still give the Senate enough time to vote on the bill by Aug. 7, the last day of the summer session.
If the motion to continue matures — meaning an hour has passed into the second day after the motion is filed, according to the Congressional Institute, a not-for-profit organization — there could be a cloture vote, most likely on the amendment in the nature of a substitute (i.e., the new text of the bill). If it passes, there could later be another cloture vote 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 that we will see the proposal go forward on Monday or Tuesday, two industry sources told CoinDesk, with a possible vote late next week.
