Senate Pushes CLARITY Act Into a Crowded September Calendar: What Does it Mean for Crypto?

The US Senate has postponed its planned floor vote on the CLARITY Act until September, pushing the digital asset market structure proposal beyond the August recess.

Senate Majority Leader John Thune confirmed the delay after Democratic lawmakers withheld procedural support, moving consideration of the crypto legislation further down the calendar.

The legislation, H.R. 3633, would establish a federal market structure for digital assets and divide oversight responsibilities between the SEC and the CFTC. It also includes provisions covering stablecoin rewards, anti-money-laundering controls, decentralized finance and tokenized securities.

This delay has caused a modest drop across the crypto markets, with the total market cap down -0.6% overnight, sitting at $2.27 trillion. Whether a larger drop is coming as the market digests the delay is still up for debate.

CLARITY Act Delayed Until September as No Deal Reached Before August Recess

NEWS: The Senate has decided to punt a vote on the Clarity Act until September, per Politico. https://t.co/J7qWARmRPY

… Continue reading the full article at the original source below.