Setback for the Bullish Crypto Bill, the Clarity Act: Steps Need to Be Taken Today

Crypto journalist Eleanor Terrett reported that the likelihood of the US Senate voting on the CLARITY Act, which aims to create a regulatory framework for the cryptocurrency market, before the summer recess in August is slim.

Expectations are diminishing that Senate Majority Leader John Thune will introduce a “cloture” motion this week to end debate on the bill and initiate the voting process.

According to Senate procedures, Thune needs to file a cloture today on a motion to place the bill on the agenda so that a vote can be held on Thursday. However, sources close to the process say that the bill, which includes sanctions against Russia and Iran, is expected to take priority.

Therefore, the cryptocurrency sector’s attention is focused on next week. Sector representatives say that even if the final vote on the CLARITY Act cannot be held before the holiday, it is critical that the Senate administration at least initiates the cloture process before the August recess.

Failure to initiate the process before the holiday break could postpone the bill’s consideration until the fall legislative session, further delaying comprehensive regulation of the cryptocurrency market in the US.

*This is not investment advice.