The US Senate won’t make any further progress on crypto market-structure legislation until it returns from its recess in mid-September.
On Friday, Senate Majority Leader John Thune (R-South Dakota) filed for cloture on the Clarity Act, a procedural step that paves the way for potential progress on the bill next month. The Senate broke for the August recess the following day.
The landmark crypto bill would largely place the digital assets under the regulatory purview of the Commodity Futures Trading Commission (CFTC), an agency industry stakeholders believe is friendlier to the sector than the Securities and Exchange Commission (SEC).
The potential legislation has faced opposition from traditional financial giants and banking associations, who have argued the bill could put financial stability at risk and cause bank deposits to lose ground to stablecoins.
Coinbase chief executive Brian Armstrong says the lack of progress on Clarity this month was “disappointing.”
“Congress still has an important job to do. A clear federal market structure law will unlock more investment, more innovation, and more jobs in the United States while giving consumers the protections they deserve. Voters are watching closely to see who helps finish this, and who is a blocker. We’re closer than we’ve ever been. Let’s finish the job in September.”
As the banking sector’s opposition to the bill solidified, Polymarket bettors’ confidence in the Clarity Act’s chances of passing this year dwindled, with its odds falling from a high of 82% in February to 25% at time of writing.
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