Predictions suggest that the Senate’s consideration of the Clarity Act, a bill aimed at restructuring the U.S. virtual asset market, could be pushed back until after mid-August.
Cryptocurrency analyst Efe Bulduk shared on X that the U.S. Senate cannot hold a vote before mid-month due to its recess schedule. He also noted that work remains to unify the drafts prepared by the Senate Agriculture Committee and the Banking Committee.
The Clarity Act is designed to organize the structure of the virtual asset market and regulatory authority. While the Senate Banking Committee has advanced the legislation to the full Senate, final approval requires coordination between committees and reconciliation with the House version.
Bulduk pointed out that if the Senate’s final version differs from the House version, additional reconciliation procedures between the two chambers will be necessary. He estimates that the process is likely to extend beyond mid-August.
In an earlier report, Jaret Seiberg, managing director at TD Cowen’s Washington Research Group, indicated that the U.S. Senate is likely to initiate the voting process for the Clarity Act in the third or fourth week of this month.
Seiberg emphasized that July 24 is a crucial deadline, questioning whether the bill could be processed before the midterm elections later this year if it doesn’t pass by then.
Notably, former President Donald Trump’s position has emerged as a potential obstacle to the Clarity Act’s passage. Trump recently declared he would not sign any bills until the voter identification (ID) legislation is passed.
Ethics regulations for public officials have also become a point of contention. Democrats are advocating for measures that would prohibit the President, high-ranking government officials, and their families from engaging in virtual asset businesses.