The deadline to consider the "Digital Asset Market Transparency Act" passed before the parliamentary recess, and it has now been confirmed that the current work and potential vote to end debate on the bill have been postponed until September, despite influential industry representatives having pressured for it to happen this week.
Politico was the first to report that Majority Leader John Thune delayed consideration of the bill until after the August recess, placing the blame on Democrats who still have outstanding concerns about the legislation.
"Democrats insisted that there be no vote on CLARITY. We will bring this matter up first [when] we return in September," Thune was reportedly quoted as saying late Thursday. Senior Congressional correspondent Jordan Carney confirmed that the delay is indeed happening and that work on the bill will resume after the break.
Thune had previously stated that he anticipated a vote on the "CLARITY Act" the week before the recess, emphasizing that they would work to finish the bill. "We have a whole stack of work we need to finish, and we are just going to stay here until we get it done," he stressed on Tuesday.
Nevertheless, the bill's passage has been delayed due to a standoff between the White House and Democrats, who have failed to reach a compromise on a proposed ethics provision. According to the latest information, Senators Tom Tillis and Ruben Gallego proposed a provision that would require the President and other federal officials to divest any stake in a digital asset company worth more than $1 million if it constitutes more than 10% of the company's value, a measure clearly targeting Trump's cryptocurrency ventures.
The role of state Attorneys General has also become a topic of discussion, as there are concerns about potential future prosecutions fueled by political disagreements.
However, reports indicate that there is no consensus on achieving a positive outcome for the cloture vote: passing the bill will require at least 60 votes, and even some Republicans have stated they will vote "no." Senators Jerry Moran and Josh Hawley, both Republicans, have stated they will vote against the CLARITY Act unless it is amended to address the banking sector's concerns.
