May hearing seen as crucial for US crypto Clarity Act

While the passage of the U.S. crypto market structure bill, known as the Clarity Act, appears unlikely in April, a Senate committee hearing in May could maintain its legislative momentum, CoinDesk reported. A Senate aide told the outlet that although the legislative calendar is tight, a delay of a few weeks is not fatal. The aide suggested the extra time could allow Republican Senator Tom Tillis to address banking industry concerns over stablecoin interest. A consensus has largely been reached on issues concerning DeFi protections, with no significant hurdles remaining for the bill to pass through committee. The primary challenge is the schedule, as the Senate will shift into election mode in August for the November midterm elections, leaving only about 12 weeks for legislative action. This period is crowded with other priorities, including the Department of Homeland Security's budget and the war in Iran, creating a challenging environment for the bill's passage, the aide noted. Senator Tillis previously stated that more time was needed to finalize a compromise with the crypto industry, suggesting the bill could be advanced in May.