CLARITY Act Delayed Until September Amid Senate Stalemate
The CLARITY Act has been delayed until September after failing to gain enough support in the Senate. The bill, which aims to provide a federal market-structure system for cryptocurrencies, was unable to overcome the 60-vote hurdle due to Republican and Democratic disagreements.
Senate Majority Leader John Thune stated that the legislation will return when lawmakers come back from their August recess, giving supporters several weeks to resolve their differences and secure enough votes. This delay has left the U.S. crypto market operating without a permanent framework, with regulators continuing to use their existing authorities to address regulatory gaps.
The industry has expressed disappointment over the delay, with the Crypto Council for Innovation and Coinbase CEO Brian Armstrong describing it as 'disappointing.' However, they maintained that the direction of the effort had not changed, and that clearer federal rules could provide greater assurance to companies and investors while supporting innovation and consumer protections.