CLARITY Act Could Get Another Shot During Lame-Duck Session

The CLARITY Act, a bill aimed at clarifying cryptocurrency market structure, may still have a chance to move forward in Congress despite failing to advance earlier this week. According to Adrian Wall, managing director of the Digital Sovereignty Alliance, senators from both parties are considering another attempt to pass the legislation before the current Congress ends.

Wall stated that he has spoken directly with senators who are planning to try again during the lame-duck session, which takes place after the election but before the new Congress is sworn in. He acknowledged that this would be a long shot and 'complicated' but expressed optimism about the possibility of success.

The bill failed to receive the necessary 60 votes for cloture on Tuesday, leading Wall to describe the vote as a 'huge blow.' However, he emphasized that this does not necessarily mean the end of the CLARITY Act. If it fails again during the lame-duck session, the next Congress could take up the issue and move forward with crypto market structure legislation.