Clarity Act Vote Hinges on White House Negotiations

The Clarity Act, a bill aimed at creating a regulatory framework for the US cryptocurrency market, is facing potential hurdles before its expected vote in the Senate.

Two Republican senators, Mike Rounds and Thom Tillis, expressed concerns that the bill may not pass in its current form due to disagreements between the White House and Congress. According to Rounds, the state of the Clarity Act 'does not look positive for its future.'

Tillis warned that the fate of the law depends on negotiations with the White House, specifically regarding ethics provisions covering the president and his family. Democratic officials also stated that little progress has been made on this issue.

The Senate is expected to hold a critical procedural vote on September 15th, requiring at least 60 votes to pass the first stage. A failure of the vote could significantly delay federal regulation for the crypto market in the US.