US Cryptocurrency Legislation Fails to Gain Momentum Before Midterm Elections
The US cryptocurrency industry's highly anticipated market structure legislation, the 'Clarity Act', faces an uncertain future as it approaches a Senate vote in September.
Despite President Donald Trump and senior industry officials suggesting the possibility of enacting the bill this year, pessimism is growing within the industry that its passage by 2026 may be impossible.
CNBC reported on September 1st that skepticism about the bill's passage is intensifying among industry insiders. John Darsie, CEO of SALT, expressed his own doubts, saying 'Personally, I am somewhat pessimistic about the passage of the Clarity Act,' and attributing its difficulty to 'it being challenging for major bills of this scale to pass at a time approaching midterm elections.'
The Clarity Act aims to divide supervisory authority between the SEC and CFTC, establish registration requirements, and strengthen anti-money laundering protections. However, disagreements over key issues, including stablecoin compensation provisions and ethics clauses related to President Trump's cryptocurrency interests, are hindering its progress.