Senate Faces Uphill Battle to Pass Digital Asset Market Clarity Act

The Digital Asset Market Clarity Act (CLARITY Act) is still in limbo as it faces significant hurdles on its path to becoming law. After being passed by the House of Representatives last year, the Senate has had 13 months to consider the bill, but lawmakers have yet to reach an agreement on several provisions.

Majority Leader John Thune filed cloture for the crypto market structure bill just before the Senate broke for a month-long recess. Lawmakers will return from recess on September 14 and have only 36 days scheduled to be in session before breaking again for the November election and another 22 days before the end of the year.

Crypto industry advocates remain optimistic about the bill's chances, but several issues still need to be addressed. These include ethics language affecting US President Donald Trump's ties to digital assets and additional restrictions for crypto companies offering stablecoin rewards.