CLARITY Act Fails to Clear Senate Vote Before Recess Deadline

The CLARITY Act, a crypto market structure bill, is facing a crucial deadline as it still lacks a scheduled vote in the Senate. The bill has been ready for a floor vote since June 1 but has not yet received one, with Monday's published floor plan showing no action on the bill.

The Senate returns on August 3, giving lawmakers five working days before recess. An ordinary cloture petition requires 16 signatures and two calendar days' notice, which could produce a vote as early as Friday, August 7. However, this would only concern ending debate on the motion to proceed, not passing the CLARITY Act itself.

The bill's passage is uncertain due to disagreements between Republicans and Democrats over its content. While two Democrats publicly support the bill, seven Democratic negotiators have expressed reservations, and Senator Elizabeth Warren has opposed it outright. Furthermore, Senator Josh Hawley is reportedly 'really resistant' to the bill.