Senate Puts Clarity Act on Hold Until September

The U.S. Senate has put off consideration of the Clarity Act, a bill aimed at regulating cryptocurrency market structures, until September. The delay makes its passage this year uncertain.

A former senior adviser to the SEC and Paradigm's vice president for regulatory affairs, Justin Slaughter, said that despite the setback, 'the bill is not dead.' He noted that its chances of passing have fallen sharply since the delay.

The Clarity Act was expected to face a procedural vote in the Senate before lawmakers went on recess. However, Senate Republican Leader John Thune delayed the vote until September due to stalled negotiations.

Slaughter pointed out that moving the bill quickly in the Senate would require unanimous consent, which it has not secured. He also noted that at least 10 senators did not agree to a time agreement needed for passage.