Crypto Bill Clarity Act Hangs by a Thread Ahead of Crucial Senate Vote
The crypto industry's biggest legislative bet, the Clarity Act, is hanging in the balance as it heads into September. The bill would establish a framework for crypto, dividing oversight between the Securities Exchange Commission and the Commodity Futures Trading Commission, setting registration requirements, and strengthening anti-money-laundering protections.
The mood among industry participants is less optimistic, with many resigned to the fact that the Clarity Act may not pass. CEO of SALT, John Darsie, expressed his pessimism about the bill's chances, citing the legislative window missed by sponsors when the Senate adjourned for its August recess.
Unresolved issues include stablecoin rewards and ethics provisions tied to President Trump and his family's crypto interests. Arizona Sen. Ruben Gallego is working on a bipartisan compromise regarding ethics language for the Clarity Act, which could potentially advance in the Senate if Republicans and Democrats find consensus.