Clarity Act Faces Critical Deadline as Time Runs Out

The Clarity Act, a sweeping bill that would set the ground rules for US crypto markets, is running low on both time and votes.

Senate Majority Leader John Thune told reporters he doesn't expect the bill to have enough runway before the August recess, but still hopes to begin the floor process beforehand.

The main sticking point is ethics: Republicans' updated draft has been dismissed by Democrats as not a serious effort and won't back current text.

Crypto trade groups are pressing leadership to start the floor process anyway, but analysts and prediction markets both point to slipping odds.

With midterm campaigning set to dominate the fall, dragging the vote into September sharply dims its odds of becoming law this year.