CLARITY Act's July passage now unlikely, but year-end optimism remains

While the target of passing the CLARITY Act by July 4 is now virtually impossible, industry insiders remain optimistic about its passage by the end of the year, reported U.S. crypto policy publication CryptoInAmerica. Patrick Witt, executive director of the White House Crypto Committee, had initially set July 4 as the goal. However, negotiations with the Democratic Party have reportedly stalled over the introduction of ethics regulations concerning the Trump family. Other hurdles also remain, including merging the bill with the House Agriculture Committee, securing enough votes, and passing it through both the House and Senate. The bill's author, U.S. Senator Cynthia Lummis, has also stated that more time is needed. The Senate is currently focused on legislation aimed at housing cost relief. According to the report, the industry now views the August session or the final session of the current Congress in mid-November as more realistic deadlines.