Uncertainty reappears in the process of US crypto legislation. Centered around CLARITY Act Cross-party negotiations have made little progress, and several Republican senators have recently stated that this bill, which is considered one of the key pieces of legislation for the U.S. crypto industry, may not be able to move forward next week.
The Democratic Party demands to become a major sticking point.
According to Semafor, one of the main obstacles in the current negotiations is that the Democratic Party is demanding the addition of stricter ethical provisions to the bill. Since no substantial progress has been made on this issue, the Senate's optimism regarding the prospects of the bill has clearly diminished.
South Dakota Senator Mike Rounds stated that the prospects for passing the bill "do not look good." North Carolina Senator Thom Tillis also noted that if no compromise can be reached among the parties, the bill is likely to fail.
Maryland Senator Angela Alsobrooks has also previously stated that without stronger ethical provisions, she would not support this legislation.
The Senate's time window narrows
The Senate was originally expected to handle this bill sooner. The leader of the Senate majority, John Thune, had previously stated that lawmakers would proceed with the relevant deliberations upon returning to Washington.
However, as the pace of progress slows down, the time available for negotiations between the two parties has significantly decreased. With the mid-term elections approaching, congressional attention will gradually shift to electoral issues, which further narrows the window for the bill to be passed within this year.
- The expected proportion to become law this year is about 15%.
- The House of Representatives' legislative agenda for September has been shortened.
- The bill has been postponed until after the mid-term elections.
The Republican Party blames the Democratic Party for it.
Wyoming Senator Cynthia Lummis believes that if the bill ultimately fails, the responsibility will mainly lie with the Democratic Party. She stated that this bill is intended to strengthen consumer protection, consolidate the United States' position in the field of digital assets, and give law enforcement agencies more power to combat illegal financial activities.
Lummis It is also said that there is still a possibility of reaching an agreement on the bill, but the prerequisite is that the Democratic Party makes further compromises, rather than the White House pushing for new adjustments.
She also warned that if legislation cannot be completed this year, the United States may not see a more comprehensive framework for crypto regulation until around 2030.
