The U.S. Senate has postponed a vote on the CLARITY Act until September, extending bipartisan negotiations over legislation that would establish a regulatory framework for the cryptocurrency industry.
According to Politico, Senate leaders decided to delay floor consideration of the bill ahead of the chamber’s summer recess. Senate Majority Leader John Thune confirmed the decision, with lawmakers expected to return for a full session in mid-September.
Sponsored
The CLARITY Act is considered one of the most significant crypto market structure bills in Congress. It would establish how digital assets are regulated in the United States by defining whether the Securities and Exchange Commission (SEC) or the Commodity Futures Trading Commission (CFTC) has primary oversight of different types of crypto assets.
The legislation also introduces rules governing cryptocurrency exchanges, customer asset custody and other key aspects of the digital asset market.
Three Issues Still Divide Lawmakers
The bill requires 60 votes to advance in the Senate. With Republicans holding 53 seats, the legislation will need support from at least seven Democrats to move forward.
Despite ongoing bipartisan negotiations, lawmakers remain divided over three key issues: ethics provisions, anti-money laundering requirements and rules related to stablecoin yields.
Democratic Sen. Ruben Gallego has said he will not support a motion to end debate unless Republicans agree to further concessions. While describing the negotiations as constructive, Gallego indicated that significant differences remain between the two parties.
What’s Next
The Senate is expected to resume consideration of the CLARITY Act after lawmakers return from the summer recess, with floor proceedings tentatively scheduled to resume around Sept. 14. In the meantime, bipartisan negotiations are expected to continue as lawmakers work to resolve the remaining disagreements and secure the votes needed to advance the legislation.
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