For nearly a year and a half, the crypto industry has been pressing for legislation known as the CLARITY Act, which would provide a predictable regulatory framework for digital assets. Until this week, industry leaders had high hopes the bill was on the cusp of passing, following a series of hard-won compromises with the banking lobby and other crypto skeptics. Then, on Thursday, the goalposts moved again.
In a move that caught many in the crypto industry by surprise, Senate Majority Leader John Thune (R-SD), told reporters that he did not expect the Senate to pass the bill before the body adjourns for its August recess. While there is still time for the Senate to pass the legislation prior to early January, when the current Congress will conclude its term, the politics surrounding the impending mid-term elections could doom its chances.
