Clarity Act Faces Uphill Battle in US Senate

The US Senate is at a critical juncture in its legislative work regarding the cryptocurrency sector. Speaking at the Rare Evo Conference in Las Vegas, veteran journalist Eleanor Terrett discussed the latest developments regarding the highly anticipated 'CLARITY Act'.

The bill needs 60 votes to pass the cloture vote and be considered in the Senate plenary session. With Republicans holding 53 seats in the Senate, it requires at least seven Democratic senators to support it for passage.

Terrett noted that Senate Leader John Thune's call for a vote could force the parties to compromise, and policymakers might even postpone the August recess to finalize the bill.

The draft text includes a provision, valid until 2029, that prevents government officials and members of Congress from issuing digital assets while in office. Another contentious point is the BRCA provisions, which grant immunity from criminal liability to programmers who write protocols or code if their code is misused by third parties or illegal actors.

Terrett stated that she sees a higher chance of the law being passed this year, despite the forecast markets pricing it at around 30% probability.