CLARITY Act Fails to Clear Senate Schedule Ahead of Recess Deadline
The CLARITY Act, a long-awaited crypto market structure bill, is facing a crunch week as the Senate's window closes on August 7. Despite industry advocates and leaders insisting they want a procedural vote before recess, the bill remains off the published floor schedule.
Backers are pushing back against claims that the bill's DeFi language would gut enforcement, arguing some of those law-enforcement readings are overcooked or based on a shaky understanding of decentralized ecosystems. Meanwhile, the SEC has made it clear it's ready to move ahead with its own crypto rules if Congress keeps stalling.
The industry could end up with a regulatory regime shaped more by agency rulemaking and enforcement priorities than by any statute lawmakers actually passed. Market structure rules would shape which tokens get treated like commodities versus securities, how venues have to register, and what disclosures are required, details that flow straight into listings, liquidity, and compliance costs.