Crypto journalist Eleanor Terrett reported that the likelihood of the U.S. Senate voting on the CLARITY Act bill, aimed at establishing a regulatory framework for the cryptocurrency market, before the August summer recess is low.
Expectations are diminishing that Senate Majority Leader John Thune will introduce a motion to end debate on the bill and begin the voting process this week.
According to Senate procedures, Thune needs to introduce a cloture motion today on the question of proceeding to the bill's consideration to allow a vote on Thursday. However, sources close to the process claim that priority is expected to be given to a bill that includes sanctions against Russia and Iran.
Therefore, the focus of the cryptocurrency sector is shifting to next week. Industry representatives state that even if a final vote on the CLARITY Act does not occur before the recess, it is critically important for the Senate leadership to at least initiate the cloture process before the August break.
If this process is not started before the recess, consideration of the bill could be delayed until the fall legislative session, further postponing comprehensive cryptocurrency market regulation in the United States.
*This is not investment advice.
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