Following Senate delay, crypto bill has a narrow window to become law
After an August recess, lawmakers in the Senate will have just 36 days in session before the end of the year to pass the CLARITY Act.
The Digital Asset Market Clarity (CLARITY) Act is expected to be held for a cloture vote in September upon the US Senate’s return, but it still faces significant hurdles on the path to becoming law.
Just before the Senate broke for a month-long recess last week, Majority Leader John Thune filed cloture for the crypto market structure bill to go to the floor for consideration. Lawmakers will return from recess on Sept. 14, but only have 14 days scheduled to be in session before breaking for a recess before the November election and another 22 days before the end of the year.
This 36-day window for the CLARITY Act still has many crypto industry advocates publicly expressing their optimism for the bill’s chances in Congress, but lawmakers had not announced any deal on many of the provisions still at issue. These included ethics language affecting US President Donald Trump’s ties to digital assets and additional restrictions for crypto companies offering stablecoin rewards.