Galaxy Digital has lowered its estimate for the odds that the CLARITY Act will pass this year, cutting the figure to 10% from 75% in May. The bill would split oversight of crypto assets between two U.S. federal regulators. Timing is tight: U.S. senators are scheduled to return to Washington on Sept. 14, leaving roughly three working weeks, and the Senate calendar shows that a cloture motion tied to the bill becomes eligible for a vote at 2:15 p.m. on Sept. 15. That motion would need at least 60 votes. Republicans currently hold 53 seats, which means that even if every Republican senator backs the measure, at least seven senators from other parties would still need to support it. Galaxy Digital said unresolved ethics issues, weaker Republican backing linked to bank lobbying, and the short September legislative window are the main obstacles to getting the bill through before year-end, according to Bitcoin.com News.
Galaxy Digital has cut its estimate for the CLARITY Act passing this year to 10%, down from 75% in May, according to an Odaily report citing Bitcoin.com News. The bill would place crypto asset oversight under two separate U.S. federal regulators.
U.S. senators are set to return to Washington on Sept. 14, leaving roughly three working weeks after they resume. The Senate schedule shows that a cloture motion to advance the bill will become eligible for a vote at 2:15 p.m. on Sept. 15.
The motion would require support from at least 60 senators. Republicans currently control 53 seats in the chamber. Even if every Republican senator votes in favor, the bill would still need backing from at least seven senators from other parties.
Galaxy Digital said the main obstacles to passage this year are unresolved ethics rules, a drop in Republican support tied to bank lobbying, and the narrow legislative window in September.
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