CLARITY Act Delayed Until After Midterm Elections

The CLARITY Act, a crypto market structure bill, faces another delay after the US Senate refused to pass it on September 15. The vote was defeated with 49 votes against and 50 in favor of not invoking cloture on motions to proceed with the bill.

House Majority Whip Tom Emmer said the delay is just a setback and that the bill will be revived after the midterm elections, which are expected to take place in November. He emphasized that the lack of Senate action does not mean the end of the CLARITY Act but rather delays it until after the midterms.

The bill's revival hinges on several factors, including a new act of cloture in the Senate or negotiations between lawmakers.

Emmer also highlighted the importance of passing the CLARITY Act in tandem with the GENIUS Act, which sets rules for dollar-backed stablecoins. He compared it to having a cell phone without cell towers and emphasized that both bills are crucial for the crypto industry's growth.