The CLARITY Act, a key piece of U.S. cryptocurrency legislation, is scheduled for a Senate procedural vote on September 15. Meanwhile, pessimism is spreading across the industry over the likelihood of the bill passing this year.
The CLARITY Act would divide oversight of digital assets between the SEC and CFTC and establish registration and anti-money-laundering requirements for industry participants. The bill was initially expected to be processed before the August recess, but the schedule was delayed. Key unresolved issues include whether to allow rewards and interest on stablecoins, as well as ethics provisions related to President Trump’s family cryptocurrency businesses.
John D’Arcy, CEO of SALT, gave a low assessment of the bill’s chances of passing before the midterm elections. Andrew Cuomo, the former governor of New York, also warned that if Democrats take control of the House amid the delayed legislation, regulatory conflicts between Congress and the administration could become prolonged.