Next 4 weeks seen as critical juncture for CLARITY Act

With the U.S. Senate back in session, the next four weeks are being viewed as a critical juncture for the passage of the CLARITY Act this year, according to an analysis by CryptoInAmerica. The industry reportedly sees the period before the August congressional recess as the last realistic opportunity to pass the crypto market structure bill this year. However, passing the bill in the full Senate requires 60 votes, making cooperation from Democrats essential. An amended version of the bill, which merges proposals from the Senate Banking and Agriculture Committees, is expected to be released this week. This will likely reveal the progress of negotiations and any remaining points of contention. The biggest variable is an ethics provision, as an agreement has not yet been reached with the White House on conflict-of-interest safeguards related to President Trump's cryptocurrency businesses. Democrats and some Republicans are demanding stricter ethics rules concerning the president's crypto ventures. The situation is further complicated for the Republican vote count by the death of Senator Lindsey Graham and the absence of Senator Mitch McConnell, the analysis noted.