CLARITY Act Hits Senate Roadblock as Calendar Tightens
The CLARITY Act is facing a tougher path in September due to the shortened congressional calendar. The bill, which aims to structure the crypto market, needs 60 votes to begin formal consideration in the Senate.
According to SEC Chairman Paul Atkins, the Senate is expected to vote on September 15, but this will only be a procedural step. Senators must first secure bipartisan backing before debate can begin, and supporters are under pressure to build enough support by that date.
The House approved its version of the CLARITY Act in July with a significant margin, while the Senate Banking Committee advanced its version 15-9 in May. However, negotiators now face a tight deadline to reconcile both versions quickly before the House leaves Washington after its September vote.