After a Clarity Act funeral, the crypto world would keep turning
With the U.S. crypto bill missing a crucial window before the Senate hangs its closed-for-summer sign, the alternatives are getting more attention.
Senator Tim Scott, the chair of the Senate Banking Committee, revealed that the Senate would vote on the Digital Asset Market Clarity (CLARITY) Act during the upcoming week. Speaking on Fox Business, Scott stated that lawmakers have only a few days before the August recess to consider the crypto bill. He mentioned that Senate Majority Leader John Thune still has the authority to set the agenda and vote on the CLARITY Act before the chamber's break.
Scott's comments echoed those of Senator Cynthia Lummis, who had previously urged the Senate to take a vote on the CLARITY Act before the August recess. If the Republican leaders decide to schedule a vote, the bill would require at least 60 lawmakers' support to pass the Senate and move forward in Congress. The ongoing discussions focused on addressing concerns from Democrats about President Donald Trump's crypto investments and the banking industry's call for licensing and restrictions on crypto companies handling stablecoins.
Should lawmakers reach an agreement on these provisions and the Senate's agenda before the recess, there might still be time to schedule a vote before the break.
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