The U.S. Senate has only 36 legislative days left this year to handle the Clarity bill, a crypto market structure measure, after the summer recess, sharply narrowing the window for legislation.
On Aug. 11, blockchain outlet Cointelegraph reported that the Senate is expected to move to a cloture vote on the bill after returning in September, but several hurdles remain before a floor vote and final passage.
Senate Majority Leader John Thune submitted a cloture motion to bring the Clarity bill to the floor shortly before the recess. The Senate returns on Sept. 14, but has only 14 scheduled legislative days before the pre-election recess in November. Only 22 legislative days remain through year-end after that. Time available to process the bill is limited to 36 days.
Key issues also remain unresolved. They include an ethics provision addressing U.S. President Donald Trump's digital asset-related issues and additional restrictions on crypto companies that provide stablecoin rewards. The industry has publicly maintained optimism about the bill's chances, but the Senate has yet to produce an agreement on those provisions.
The bill cleared the House last year and has been pending in the Senate for 13 months. During that time, the Senate faced at least one government shutdown threat and also confronted industry backlash and opposition from Democrats. Some Democrats have argued the bill at the time could enable Trump's "crypto corruption."
