Senate Delays Clarity Act Vote Until September Amid Crypto Regulatory Disputes
The U.S. Senate has delayed voting on the Clarity Act until September, giving lawmakers more time to resolve key disputes over regulatory framework for the cryptocurrency industry.
The bill, considered one of the most significant crypto market structure bills in Congress, aims to establish how digital assets are regulated in the United States by defining whether the Securities and Exchange Commission (SEC) or the Commodity Futures Trading Commission (CFTC) has primary oversight of different types of crypto assets.
Three key issues remain unresolved: ethics provisions, anti-money laundering requirements, and rules related to stablecoin yields. Democratic Sen. Ruben Gallego said he will not support a motion to end debate unless Republicans agree to further concessions.
The Senate is expected to resume consideration of the CLARITY Act after lawmakers return from the summer recess, with floor proceedings tentatively scheduled to resume around Sept. 14.