Is Clarity's delay a blessing in disguise?: State of Crypto
The crypto industry is angry and disappointed that the Senate is not holding a procedural vote on the Clarity Act this month, but that isn't the worst possible outcome.
On Thursday, Senate Majority Leader John announced that the Senate would not vote on the Digital Asset Market Clarity Act before the August recess, making it less likely for the bill to become law in the current year. While the vote was unlikely to succeed, this delay at least allows lawmakers more time to resolve their outstanding issues.
The Clarity Act has faced numerous unresolved issues, including ethics concerns surrounding President Donald Trump's crypto business ties, ongoing debates about stablecoin yields and rewards, and law enforcement provisions. Additionally, the bill's failure to pass a cloture vote last week could have ended the process until the next Congress, as the Senate may not have voted to advance it before the August recess.
While Senator Angela Alsobrook and Senator Cynthia Lummis remain committed to passing the Clarity Act, industry participants are divided on its chances of passage. Democrats would likely need a significant deal, including changes to the ethics language, to support the bill, and Republicans have also expressed concerns. However, some analysts believe the bill still has a legitimate shot at passage, given the August deadline.
Written by urgent.news from CoinDesk's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
