House Session Cancellation Throws CLARITY Act into Uncertainty

The US crypto industry is facing potential uncertainty due to the cancellation of the final two weeks of the September House session. This decision could delay consideration of the CLARITY Act, a market structure bill that has already passed the House by a significant margin.

The Senate is scheduled to return from recess on September 14 and is expected to hold an initial vote on the CLARITY Act on September 15. However, even if the legislation clears the Senate, it still needs to pass in the House before becoming law.

Experts warn that a delay until after the midterm elections could introduce fresh uncertainty over the bill's prospects. Alex Thorn, head of firmwide research at Galaxy Digital, stated that the shortened September session makes it 'extremely unlikely' that CLARITY will pass before the election.