The U.S. Senate will not vote on the CLARITY Act, a bill aimed at the crypto market, before its August recess. Senate Majority Leader John Thune said the bill would be taken up again in September.
Senate schedule pushed to September
On August 6, Thune confirmed that the bill would be considered after senators return to Washington on September 14. He said Republicans need support from Democratic senators to advance the bill, but that support has not yet been secured.
Thune’s office reportedly told prominent figures in the crypto industry that it intended to begin discussions on the process before the August recess. According to the same report, this preparation aims to pave the way for a September vote after the Senate returns.
Regulatory issues take center stage in negotiations
Disagreements center on the regulation of yield and rewards programs offered by crypto companies, as well as the ethics provisions the parties will need to agree on. The outcome of talks with Democrats will be decisive in determining whether the bill advances to a vote.
Scope of the CLARITY Act
The CLARITY Act aims to clarify when crypto assets in the U.S. are considered securities and when they are considered digital commodities. The version passed by the House of Representatives would give the U.S. Commodity Futures Trading Commission (CFTC) authority over spot markets for digital commodities, and the U.S. Securities and Exchange Commission (SEC) authority over tokens classified as securities.
The September agenda sets a new timeline for continuing Senate negotiations on the bill, while the vote’s progress will depend on the outcome of cross-party discussions.
