#CLARITYActEntersFinalCriticalStage

CLARITY Act Heads to Final Crucial Window in U.S. Crypto Regulation The U.S. Crypto regulatory sphere is poised on the cusp of a critical moment as the CLARITY Act reaches a decisive window for consideration in Congress.

Majority Leader Thune of the Senate has signaled his ambition for a floor vote prior to the Aug. 7 recess, though he admitted final enactment prior to adjournment is doubtful.

Still, the movement is noticeable, as three influential crypto trade groups have combined to advocate for Senate passage. Last year, House members passed the CLARITY Act with bipartisan support, the House’s former financial services chief McHenry having deemed consideration as a “when, not whether” prospect. Two imposing obstacles still lie ahead. First, some Democrats in the Senate are trying to add even tighter ethics standards to the measure that will prohibit profit related to cryptocurrencies from being made by presidents, and close relatives of key policymakers.

Second, there is a major legislative process challenge to overcome in that 60 votes are required to overcome any potential filibuster in the Senate, whereas Republicans presently hold just 52 seats.

Prediction site Polymarket, based on betting trends, currently anticipates a 37 percent likelihood of the bill’s passage in 2023. Should there not be any action in the Senate during August, then it’s assumed the issue will move to be dealt with in September or thereafter. Given the short space of legislative time remaining and the high political risk involved, the CLARITY Act represents one of the most heavily debated pieces of U.S.

Crypto policy today.

‍#Web3 #DigitalAssets