Senate Crypto Bill Faces Crucial Deadline in August

The Senate's crypto market structure bill, known as the CLARITY Act, faces a crucial deadline in August. If it doesn't pass by then, it may stall indefinitely or face significant delays.

According to Greg Cipolaro, head of research at financial services firm NYDIG, the bill needs to clear a floor vote by August to remain viable. Cipolaro pushed back on a July 4 target set earlier this month by a senior White House crypto adviser, who said there was sufficient time for a Senate markup, floor vote, and House vote within that window.

The bill passed a long-delayed markup in the Senate Banking Committee on May 14 in a vote that ran largely along party lines. It now heads to the Senate floor, where it requires 60 votes to avoid prolonged debate and advance.