#CLARITYActEntersFinalCriticalStage

‍#CLARITYActEntersFinalCriticalStage
The clock is ticking for the CLARITY Act as the U.S. Senate enters a limited legislative period just before the August 7 recess. Though Senate Majority Leader John Thune stated that he would like to see debate commence prior to the lawmakers' departure from Washington, he has confessed it is unlikely that the bill will pass within this timeframe.

There is still time to push the legislation forward. In fact, the three largest crypto industry groups sent a joint appeal to the Senate this past Wednesday to pass the CLARITY Act forward, saying that clearer rules surrounding crypto technology are crucial for both the innovation and the investment surrounding the technology. The House already passed the bill by bipartisan margins last year, with former House Financial Services Chairman Patrick McHenry noting that when it eventually gets passed is a matter of, "when, not whether."

Despite efforts to keep the ball rolling, there is still room for significant hurdles. Democrats are pushing for a bill to include more stringent ethical restrictions, which will prohibit the President, top government officials and their families from profiting from digital asset endeavors. Additionally, the CLARITY Act will likely face a 60-vote filibuster in the Senate, despite Republicans holding 52 seats there, ensuring bipartisan vote needed in this final stretch.

Prediction markets are estimating a roughly 37% chance the CLARITY Act will become law this year. If its progress cannot be made before the upcoming break in legislative sessions, the attention from Congress will be turned to September where the delay may continue until much later into the future, of one of the biggest potential regulatory overhauls in crypto history.

The outcome of the CLARITY Act is one of the most anticipated and consequential for the U.S. Digital asset space and will likely shape the future regulation of the crypto market for years to come.

Do you think the CLARITY Act will secure bipartisan support this year, or are delays inevitable?

‍#CLARITYAct #Blockchain