CLARITY Act Unlikely To Pass Before August Break, Says Senate Leader

Momentum behind the CLARITY Act is building fast. But the Senate's top leader says the crypto bill will likely not pass before the August break.

The bill would set the first clear US rules for crypto. It would decide which agency watches over which coins. Backers finally have the support they wanted. What they still lack is time and votes from both parties.

CLARITY Act Support is Growing Fast

More than 200 crypto groups have asked the Senate to vote. They include the Blockchain Association, the Crypto Council for Innovation, and the Digital Chamber. The groups sent a letter urging fast action. Clear rules, they say, would keep crypto firms in the country.

The bill also got stronger this week. Senator Cynthia Lummis released new text that protects customers better. It would keep your crypto yours if an exchange fails. That is not what happened when Celsius and Voyager collapsed in 2022. Their customers lost access for years and got back only part of their money.

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