CLARITY Act Faces Crucial Test on September 15 Amid Low Passage Odds
The CLARITY Act is facing a crucial test on September 15 as it moves through the Senate. Despite its previous bipartisan support, Grayscale's Head of Research Zach Pandl believes that passage this year appears unlikely due to the crowded Senate calendar and election-year politics.
According to the U.S. Senate Daily Press record, Senate Majority Leader John Thune has filed cloture on H.R. 3633, setting a procedural test for September 15. This means that lawmakers will have one last chance to advance the legislation before the end of the year.
Grayscale warns that failure to enact the CLARITY Act could lead to new investment and developer activity shifting towards overseas markets. However, they note that this would not immediately impact blockchain networks or stop stablecoin payments.
The SEC's own rulemaking process is continuing independently, with plans for changes to crypto trading and custody rules. Grayscale argues that the absence of federal legislation could make the U.S. less attractive for new investment and development.