The US Senate has only five working days left before its summer recess starting after August 7, and the CLARITY Act appears on no published agenda despite its passage in the House of Representatives by a 294-134 vote. With 53 Republican seats, the majority needs at least seven Democrats to reach the 60-vote threshold required to end debate, a hurdle Senate Majority Leader John Thune himself acknowledged by predicting no vote before September. The bill aims to establish clear jurisdiction between the SEC and CFTC over the cryptocurrency market and create a digital commodity category overseen by the CFTC. Without legislation, US crypto regulation relies on agency rules revocable by the next administration, leaving the industry in legal uncertainty. November midterm elections are expected to further reduce available session time after the recess.
Source: Read the original article
