Crypto Bill Stalls Amid Senate Delay, Regulators Prepare
The Digital Asset Market Clarity (CLARITY) Act is facing significant hurdles as it approaches a crucial cloture vote in September. After being delayed by the Senate, lawmakers will have only 14 days to address issues in the bill before breaking for a recess before the November election.
Despite the challenges ahead, crypto industry advocates remain optimistic about the bill's chances of becoming law. However, several provisions still need to be resolved, including ethics language affecting US President Donald Trump's ties to digital assets and additional restrictions for crypto companies offering stablecoin rewards.
The Senate had 13 months to consider the CLARITY Act after it was passed by the House of Representatives last year. During this time, the chamber faced more than one government shutdown and opposition from many Democrats who claimed that the then-version of the bill would enable 'crypto corruption.'
With a potential floor vote looming, US regulators like the Commodity Futures Trading Commission (CFTC) and Securities and Exchange Commission (SEC) are preparing to step up regulatory clarity. In July, SEC Chair Paul Atkins stated that the agency was 'ready, willing, and able to come out with rules' to address crypto if Congress failed to pass CLARITY.