The US Senate has postponed a vote on the CLARITY Act until September, according to Senate Majority Leader John Thune, who confirmed the delay in a statement. The move follows Democratic opposition to an August vote and the legislative requirement for 60 Senate votes to advance the bill. The legislation, sponsored by Senator Cynthia Lummis, faces uncertainty over securing Republican support, with Senator Josh Hawley indicating conditional backing contingent on amendments addressing concerns raised by community banks.
The bill must also clear the House of Representatives before reaching President Donald Trump, adding another layer of complexity to its passage. Market data as of the latest reports shows Bitcoin trading at $64,100, while Ethereum, XRP, BNB, and Solana remain below key thresholds. Bitwise’s Chief Investment Officer, Matt Hougan, noted that the delay would not derail long-term industry growth but warned of potential short-term volatility if the bill fails.
Uncertainty persists over whether the Senate will achieve the necessary consensus, with Democrats reportedly prioritising other legislative agendas. Hawley’s conditional stance highlights ongoing tensions between crypto advocates and traditional financial institutions, while speculation continues about the SEC’s potential role in shaping crypto regulations. The outcome of the September vote could influence both market sentiment and the broader regulatory landscape.
Written by Steven Cook
Regulation Desk
