The US crypto market structure bill known as the Clarity Act is set for a procedural vote in the Senate on Sept. 15. The legislation aims to draw a clearer line between SEC and CFTC jurisdiction, but Democrats and Republicans still disagree over ethics provisions and stablecoin rewards. Having already missed a legislative window during the August recess, the bill needs bipartisan compromise on ethics language to clear a 60-vote threshold. Even with more than $200 million in crypto industry spending during the 2024 election cycle and a softer tone from the current administration, industry players remain doubtful the measure can pass before year-end.
The Clarity Act, a US crypto market structure bill, is expected to receive a procedural vote in the Senate on Sept. 15, according to Techub News. The legislation seeks to divide regulatory responsibilities between the SEC and the CFTC, though the two parties have yet to bridge differences on ethics provisions and stablecoin rewards.
Missed Window
The bill already lost its legislative window when the Senate took its August recess. To move forward, Republicans and Democrats would need to reach a compromise on ethics language to secure 60 votes.
Cautious Industry
Crypto groups poured more than $200 million into the 2024 election cycle to push for friendlier policies, and the current administration has taken a more moderate stance on enforcement. Even so, industry watchers remain pessimistic about the bill clearing Congress this year, CNBC reported.
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