Clarity Act Hopes Fade Amid Midterm Election Uncertainty

The crypto industry's hopes for comprehensive regulation are hanging in the balance as Congress prepares to return from its August recess.

Lobbyists and lawmakers are reviewing the Clarity Act, a landmark legislation aimed at creating a rulebook for the industry.

However, with the midterm elections looming, the crypto industry is signaling waning confidence that the bill will pass.

Instead of relying on Congress, some in the industry are looking to other agencies like the SEC and CFTC to regulate the space without the Clarity Act.