Clarity Act Delayed as Senate Prioritizes Government Funding

Senate Majority Leader John Thune has put off filing a cloture motion on the Clarity Act, which aims to clarify cryptocurrency regulations in the US. The move comes as the Senate prioritizes passing a Continuing Resolution (CR) to fund the government and avoid a shutdown.

The CR vote was held earlier this week, with 89 senators voting to prevent a government shutdown before the midterm elections. However, the Clarity Act has been delayed due to procedural issues related to the CR, as well as concerns over ethics rules and the Blockchain Regulatory Certainty Act (BRCA).

Crypto In America host Eleanor Terrett noted that some lawmakers are now focused on forcing a floor vote simply to put senators on record, even if the bill fails to reach the 60-vote threshold. The crypto community has also been pushing back against criticism from the WSJ Editorial Board, which called for changes to the bill due to concerns over illicit payments.

Once the CR issues are resolved, Thune could file cloture on Wednesday, triggering a process that would allow for a potential procedural vote on the Clarity Act. However, this would require 60 votes to invoke cloture and advance the bill for a Senate vote.