The U.S. Congress' crypto market structure bill, the Clarity Act, is set for a vote on Sept. 15, local time, with bipartisan cooperation emerging as the key variable.

Blockchain outlet Bitcoin Magazine reported on Sept. 3 that U.S. Representative French Hill (프렌치 힐) said cooperation between Democrats and Republicans is needed to pass the bill before the midterm elections.

In an interview with Fox Business, Hill said the two parties have been narrowing differences over drafting the bill. Pro-crypto lawmakers had initially hoped the Clarity bill would be handled before Congress went into its August recess, but the schedule slipped and the vote was moved to Sept. 15.

The Clarity bill was first introduced by Hill last year. Reflecting the regulatory clarity sought by the U.S. crypto industry, it sets out a framework that classifies digital assets into securities, commodities and stablecoins and divides supervisory authority among regulators. The House passed the bill in July last year, but action has been delayed this year.

The delay stems from a conflict of interest over paying returns to customers holding stablecoins. Discussion stalled as banking lobbyists and crypto companies confronted each other over the issue. In July, a new draft addressing ethics issues began circulating. The draft includes a provision that would ban government officials from promoting cryptocurrencies or profiting from them.

Democrats have said further revisions are needed to that provision. Some Democratic lawmakers have called for amendments, saying the bill is insufficient. Some Republicans, in contrast, criticised some Democrats for intentionally delaying the bill.

Hill identified the ethics provision as the remaining key issue. He said Democrats and Republicans should work together so the United States can lead the world in distributed ledger technology and financial services. He also said, "The important remaining issue is the ethics provision," and stressed that if the bill passes, anyone, including the Trump family, would be placed under the supervisory framework of commodities, securities and banking regulators.

The market and the industry have also assessed that bipartisan discussion has already progressed to a certain extent. Coinbase's chief policy officer Faryar Shirzad (파리아르 시르자드) said in July that some Democratic lawmakers are blocking the bill, but younger Democrats want passage of legislation that has long been awaited.

U.S. President Donald Trump said in August, "If the United States is to remain the undisputed leader in Bitcoin and cryptocurrency, Congress must pass a very strong bill." Against that backdrop, the Sept. 15 vote is expected to be a turning point not only for the direction of the U.S. crypto regulatory framework but also for how far the two parties can compromise on a market structure bill.