Crypto industry grows pessimistic on CLARITY Act passage this year: CNBC

The crypto industry is facing uncertainty ahead of a Sept. 15 Senate vote on the CLARITY Act, with growing skepticism that the bill will pass this year, CNBC reported. CNBC said the CLARITY Act would establish a regulatory framework for the crypto market, separate oversight authority between the U.S. SEC and the CFTC, and include registration requirements for businesses as well as anti-money laundering rules. It added that the bill’s original timeline fell apart after the Senate failed to hold a vote before its August recess. The main sticking points now are provisions on allowing interest on stablecoins and ethics clauses tied to President Donald Trump and his family’s crypto business activities. At the Wyoming Blockchain Symposium last month, SALT CEO John Darsie said he was personally somewhat pessimistic about the bill’s chances, adding that it was unlikely to pass ahead of the midterm elections. Former New York Gov. Andrew Cuomo warned that if the CLARITY Act does not pass before the midterms and Democrats take control of the House, regulatory conflict between Congress and the administration could continue for a prolonged period.