Eleanor Terrett, a prominent cryptocurrency journalist and host of the podcast and newsletter Crypto in America, called the White House’s goal of signing the CLARITY Act into law by the Fourth of July “logistically impossible.”
What will it take for the Clarity Act to pass by July 4?
in Share XTeret explained what it will take to pass the market structure bill in about two weeks. She said lawmakers will need to find a moral solution that both Republicans and Democrats can accept, resolve outstanding issues in the farm text, merge competing bills, secure 60 votes in the Senate, and purge both chambers. “Logistically impossible,” she said.
Teret’s comment contradicts the optimism coming from the administration. The White House has set July 4 as its target, and Patrick Witt, the White House’s executive director for digital assets, said: Work said He was moving forward. In an interview with Crypto in America, Witt said the team is making progress every day.
“We are making progress on all fronts every day,” Witt said during the interview. “I remain optimistic. We are doing a lot of work behind the scenes.”
The CLARITY Act would establish the regulatory framework for digital assets, dividing oversight between the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC). Its path has been slowed by several sticking points raised by Senate Democrats, including ethics rulings, agricultural oversight, banking and consumer law.
The cryptocurrency industry has pushed for the bill to move forward without weakening protections for developers, a point that has become central to the negotiations.
Cryptocurrency companies support the development rules of the CLARITY Act
Last week, a coalition of more than 60 cryptocurrency companies, including Coinbase, Kraken, Bitwise, a16z Crypto, Uniswap and Solana Labs, urged Senate Majority Leader John Thune to… Pass the Clarity Act With developer protection intact.
In a letter, the signatories thanked the Senate Banking Committee for developing the Blockchain Regulatory Certainty Act (BRCA), the developer protection measure included in the CLARITY Act, and pressed the chamber to retain the bipartisan provisions while the committee advances them.
Cryptocurrency executives, including Ripple CEO Brad Garlinghouse, have claimed that passing the CLARITY Act would… Reassure companies And prevent them from traveling abroad.
