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The CLARITY Act, legislation designed to establish a regulatory framework for the US cryptocurrency market, is headed for a Senate vote on Sept. 15. Industry participants are increasingly doubtful the bill will pass this year.
CNBC reported on Sept. 1 that the measure would divide oversight of digital assets between the US Securities and Exchange Commission and the Commodity Futures Trading Commission. It would also set registration requirements for companies and establish anti-money laundering rules. The Senate had initially planned to hold a vote before its August recess, but the timetable slipped.
The main sticking points include whether to allow interest on stablecoins and ethics provisions related to President Donald Trump’s and his family’s crypto businesses.
John Darsie, chief executive officer of SALT, told CNBC he is somewhat pessimistic about the bill’s prospects. He added that the chances of passage are low ahead of the midterm elections.
Former New York Governor Andrew Cuomo said that if the CLARITY Act fails to pass before the midterms and Democrats retake the House, regulatory conflict between Congress and the administration could persist for a prolonged period.
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