CLARITY Act Vote Delayed Until September Amid Senate Divisions
The US Senate has pushed back its vote on the landmark crypto bill, known as the CLARITY Act, until September. This comes after Senate Majority Leader John Thune confirmed that there would be no vote in August.
The delay is due to opposition from Democrats who want stronger safeguards to prevent President Donald Trump from benefiting financially from crypto while serving in office.
Support from Republicans has also been uncertain, with Senator Josh Hawley stating he will oppose the bill unless it addresses concerns from community banks. Even if the Senate passes the bill, it must go back to the House for approval before being sent to President Trump for signature.
Despite the setback, Bitwise Chief Investment Officer Matt Hougan believes that missing the August vote won't derail the industry's long-term growth and expects lawmakers to revive the legislation when Congress returns in September or during the year-end session.