US Senate pushes CLARITY Act vote to September

Crypto Council for Innovation CEO Ji Hun Kim called the postponement “disappointing” but said the direction of the legislation had not changed. “Every day without such a framework pushes American users and builders offshore and leaves consumers at risk,” Kim said in comments provided to Cointelegraph.

September delay narrows path for CLARITY Act

Thune’s remarks come after comments from Senate Banking Committee Chair Tim Scott, who said on Thursday the chamber should hold its first vote on the CLARITY Act before the recess “without any question.” 

Scott said Thune still had time to schedule the procedural vote and that Republicans were gaining support for it. 

The CLARITY Act would establish a federal framework for digital asset markets and clarify how oversight is divided between the US Securities and Exchange Commission and the Commodity Futures Trading Commission.

Citing three people with knowledge of the matter, Politico reported that the CLARITY Act lacks Democratic support. Negotiations remained underway.

Thune may still file cloture before the recess. This procedural step could position the bill for a vote when senators return in mid-September, but it would not constitute a vote on the legislation, according to two people cited by Politico.

Cointelegraph also asked Thune’s office to confirm whether he intended to file cloture before the Senate leaves for recess, but has not received a response to the question by time of publication. 

The sources said Democrats have declined to approve a time agreement that would expedite the Senate’s remaining pre-recess business and allow the crypto bill to reach the floor. 

According to the report, Republican leaders would need unanimous consent from all 100 senators to complete the outstanding items without extending the session deep into next week.

Related: CLARITY Act failure could send crypto valuations lower: Bernstein