The US Senate has postponed the vote on the CLARITY Act, a bill aimed at regulating crypto markets, until September. Senator John Thune confirmed there will be no vote in August as Democrats remain opposed to holding a vote before lawmakers leave for their month-long recess.
Senator Thune reportedly stated that “the Dems are insistent on no CLARITY vote,” adding that he had worked with the bill’s sponsors, including Senate Majority Leader Lummis. Meanwhile, Matt Hougan, Chief Investment Officer at Bitwise, suggested that missing the August vote would not significantly hinder the industry’s long-term growth. However, a failed vote could result in a short-term market dip but might ultimately boost confidence due to clearer regulatory guidance.
The Senate will determine whether they will support the CLARITY Act once it returns from its recess. There is uncertainty about the level of support from both Democratic and Republican lawmakers for the legislation.
Written by Steven Cook
Regulation Desk
