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CLARITY Act Stuck in Senate Limbo as August Recess Looms

Guavy AI Editorial Team
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The Senate is on the verge of its August recess, and the fate of the CLARITY Act remains uncertain. The bill needs 60 votes to advance, but currently has only around 51 confirmed or likely yes votes.

Republican support appears solid, but Democratic votes are still crucial for the bill's passage. Despite momentum within the Republican conference, several Democrats have expressed discomfort with the latest draft of the bill, citing concerns over ethics rules, consumer protection, and illicit finance safeguards.

Senator Cynthia Lummis continues to champion the bill, stating that it finally answers a question crypto has asked since Howey: when does a digital asset stop being a security?

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