The Clarity Act, the sweeping bill that would set the ground rules for U.S. crypto markets, is running low on both time and votes, with Senate leadership now signaling it likely won't clear the chamber before lawmakers scatter for their August recess.
Senate Majority Leader John Thune told reporters on Thursday he doesn't expect the digital-asset market-structure bill to find enough runway before the summer break, though he said he still hopes to begin the floor process beforehand. Missing that window is a serious setback: With midterm campaigning set to dominate the fall, dragging the vote into September sharply dims its odds of becoming law this year.
I’ve had many conversations since this came out yesterday, and it doesn’t reflect the current state of play.
There is a clear path to pass the Clarity Act before the recess on August 7 – and we must seize it.
As the clock ticks away, though, the odds that the crypto industry gets its long-awaited market structure bill continue to shrink.
Complicating the timeline further, the funeral of Sen. Lindsey Graham, expected to draw many Senate Republicans early next week, could scramble the schedule and leave the timing of any procedural vote uncertain.
