Gallego warns rushed CLARITY Act vote could derail crypto deal

The Senate is scheduled to hold a cloture vote on the motion to proceed to H.R. 3633 on September 15. Securing the necessary 60 votes remains a significant hurdle, as the bill requires bipartisan support to clear the chamber. Gallego, who previously backed the measure in the Senate Banking Committee, warned that pushing for a fast result may ultimately produce a flawed outcome that fails to address critical legislative roadblocks.

A primary point of contention involves unresolved ethics provisions. Gallego and Senator Thom Tillis submitted a bipartisan proposal to the White House aimed at curbing potential conflicts of interest for public officials, yet the administration has not provided a detailed response. This silence leaves a key source of Democratic opposition unaddressed. Meanwhile, the industry remains split with traditional banks over stablecoin rewards, as lenders fear that yield-bearing assets could siphon deposits away from regulated accounts.

Even if the cloture vote succeeds, the path to President Trump’s desk remains complex. Lawmakers must still reconcile language between the Banking and Agriculture Committees and finalize an amended text. Because the House passed its own version in July 2025, any significant changes made in the Senate would necessitate further action in the lower chamber. With the midterm elections approaching, the window for these negotiations is rapidly narrowing, leaving the bill’s future dependent on whether negotiators can secure compromises before mid-September.