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The U.S. Senate actually has only about 9 to 10 working weeks left to advance the Clarity Act.
Gold Financial reports that on April 28, as the revision of the “Clarity Act” is expected to take place in May, the crypto industry is calculating how much time remains to pass comprehensive market structure legislation within the shrinking legislative window.
“We only have about 13 weeks left in the Senate, and some things must be completed,” said Ji Kim, CEO of the Crypto Council for Innovation, in an interview with Crypto In America. He emphasized the real deadline that many in Washington believe: to get the bill to President Trump’s desk before the August recess, when lawmakers will turn to midterm elections.
Although Kim mentioned approximately 13 weeks remaining, the actual time window is tighter. Once the recess period is considered, the Senate effectively has only 9 to 10 working weeks to advance the bill, as lawmakers also need to handle a busy agenda, including the upcoming FISA (Foreign Intelligence Surveillance Act) deadline, initiating budget negotiations, and passing the Department of Homeland Security funding bill.
But first, the bill must pass through the Senate Banking Committee. However, since January, the bill has been stalled in the committee because the initial revision was delayed due to the lack of support from key industry stakeholders. Now, the originally expected April revision is no longer feasible, as Senator Thom Tillis (R-NC) has requested more time from committee chair Tim Scott (R-SC) to propose a compromise on stablecoin yields and rewards to the banking industry.
“For me, the most important thing is not to rush the process, but to listen to everyone and provide rational reasons for what we accept and do not accept,” Tillis told reporters last week.