Clarity Act Vote Delayed: What's Next for Crypto Regulation
The Clarity Act is set to face a crucial vote in the Senate on September 15. However, according to Cody Carbone, CEO of The Digital Chamber, this date marks the start of a process rather than the final outcome.
Carbone explained that the September 15 vote will be a procedural cloture vote around debate, not a vote on the bill itself. This means senators will need to work through an amendment process and additional votes before reaching a final floor vote.
The three-week window following the vote is expected to be critical in determining the fate of the bill. Carbone outlined two possible scenarios: one where the bill moves quickly, potentially clearing the Senate within 48-72 hours, or a longer process that stretches closer to the deadline.
Carbone identified ethics provisions as the biggest challenge facing the bill, stating that 'ethics is the linchpin here.' The issue of ethics has been ongoing, with Senators Thom Tillis and Ruben Gallego sending new language to the White House before the August recess. However, no public comment from the White House has been received.