Senate Rushes to Pass Clarity Act Before August 7 Deadline
The U.S. Senate is racing to pass the Clarity Act, a bill aimed at reshaping crypto market structure, before its summer recess on August 7. The legislation has faced multiple setbacks and now requires a bipartisan rewrite of its ethics language to secure White House approval and the necessary 60 votes in the chamber.
Senators Thom Tillis and Ruben Gallego have finalized a compromise approach to revise the Clarity Act's ethics section, which still needs approval from the White House and broader Democratic support. The revised language aims to address concerns raised by Democrats over conflicts of interest for senior U.S. officials in the crypto market.
The bill's prospects depend on whether the revised language can win over resistant Democrats and some hesitant Republicans. With only seven days remaining before recess, negotiators are working towards the 60-vote threshold, but the timeline is colliding with a broader political calendar as senators prepare to shift attention to midterm elections after the recess.