Crypto▼ Bearish
Senate Passage of CLARITY Act Looks Unlikely This Year
Grayscale's Pandl says Senate odds are low for CLARITY passage this year. The September 15 cloture vote needs seven Democrats or independents to back it.
Continue with
The CLARITY Act looks unlikely to clear the Senate this year. A crowded floor schedule and the approach of midterm elections are working against the crypto market structure bill, Grayscale Head of Research Zach Pandl said.
Failure to pass the bill would not immediately hit Bitcoin's store-of-value role or the major blockchain networks, Pandl said. The crypto industry has run for nearly 17 years without comprehensive US market structure legislation.
Senate Majority Leader John Thune filed cloture on the motion to proceed, and a vote is set for September 15 at 2:15 p.m. ET when the chamber returns from recess. The vote would only limit debate, not approve the CLARITY Act itself. Republicans hold 53 seats, and a motion to proceed needs at least seven Democrats or independents to back it.