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The prospects of the CLARITY Act passing before August are uncertain, as the U.S. Senate agenda is stacked with multiple priority items.
BlockBeats news. On May 23, crypto journalist Eleanor Terrett disclosed that the U.S. Senate this week failed to reach an agreement due to disagreements over border security, pushing the Cryptocurrency Market Structure Act (i.e., the CLARITY Act) back to early June to seek time for debate in the Senate. With a backlog of multiple priorities, including funding, housing, farm bills, and the expiration of the FISA, prospects are in doubt that the bill will pass after entering the Senate floor in July and before the Senate adjourns in August. At present, Senate staff are continuing to merge the texts of the Agriculture Committee and the Banking Committee, and advancing technical drafting during the recess.
For details on the next legislative process for the CLARITY Act, see “CLARITY Act Heads Into a Final Boss Battle: 7 Democratic Senators Must Defect Before a Vote in the Senate Full Chamber.”