With the Senate recessing in three weeks, after August 7, the Clarity Act still faces several hurdles, Bloomberg reported. I mentioned Friday (July 17).
Several Democrats involved in the negotiations said they had reservations about the latest version of the cryptocurrency bill, especially regarding ethics issues and President Donald Trump’s involvement in cryptocurrency projects, according to the report.
Other hurdles include Democrats’ calls for stronger action to prevent the use of cryptocurrencies in illicit finance, as well as the need to reconcile differences between the Banking Committee’s version of the bill and the Agriculture Committee’s version, according to the report.
There are also concerns about how little time senators might have to review the bill before the chamber goes into recess. According to the report, senators who are not on the committees working on the bill may not be familiar with it and may have questions that cannot be answered before recess.
Some senators who voted for a previous cryptocurrency bill, the stablecoin-focused GENIUS Act, and may have likely supported the Clarity Act as well, either expressed concerns about the Clarity Act or declined to comment on it, according to the report.
Axios I mentioned On Friday, the main factor holding up the Clarity Act is a provision that Democrats sought to add to the bill after Trump revealed earlier this year that he had taken $1.4 billion from his cryptocurrency projects since the start of his second term.
CoinDesk I mentioned On Friday, several Democrats raised concerns about a conflict of interest between government officials regarding cryptocurrencies, and that no bipartisan language to address these concerns was added to the bill.
PYMNTS reported July 8 that advocates continue to push for the law to pass Crypto invoice As the August 7 deadline approaches, saying it is critical to have a federal standard for crypto assets.
On July 1, PYMNTS reported that with the Clarity Act stalled, there is now a discontinuity as private capital moves into implementing the law. Blockchain financial services While public policy remains surrounded by legislative timing.
