On Monday, shares of Circle Internet Corp. (CRCL.US) declined, trading down more than 6.8% to $58.34 at the time of writing. According to the public agenda released by the U.S. Senate on August 3, the CLEAR Act was not included in Monday's legislative schedule.

Under Senate rules, the standard cloture process requires a petition signed by at least 16 senators. If the Senate files a cloture petition on August 5, the earliest possible vote on the matter could occur on August 7. However, that vote would only address whether to end debate on the "motion to proceed," not final passage of the CLEAR Act.

If cloture is invoked, the Senate would still need to: hold up to 30 hours of debate on the motion to proceed; formally consider the bill; and potentially face another cloture procedure. As a result, the normal process may not be completed before the recess.