There are now two timelines at war. First, the Senate calendar is notoriously difficult to negotiate, with any controversial bill requiring floor days. Every hour that passes reduces the bill’s chances, as there are only seven days before the recess, when senators will leave Washington and focus largely on the midterm elections that await them.
The other crucial factor has been the passage of time on the negotiating table, where both parties and the White House are still scrambling to muster the necessary 60 votes. Their final effort must convince many resistant Democrats and a few reluctant Republicans.
Crypto lobbyists are fervently hoping that negotiators – particularly Tillis and Gallego – can find a workable middle ground, recirculate the refurbished bill, and see it advance through the Senate voting process. At this point, Senate Majority Leader John Thune’s prediction remains firm: The bill almost certainly won’t have enough time to complete the Senate’s multi-step process before the recess.
But if he were to get going and potentially clear an initial 60-vote hurdle before the end of next week, that could be enough to put him on the path to victory. To give this possibility every chance, the industry would like Thune to present the first motion before the end of the week on so-called “cloture,” the procedure that prepares a bill for a vote.
