Demands are continuing in the U.S. Senate to pass the Clarity Act, which would set a regulatory framework for digital assets, but the voting schedule is becoming more uncertain ahead of a recess.
On Aug. 6, blockchain outlet Bitcoin Magazine reported that Senate Majority Whip John Barrasso (존 배라소) joined supporters by urging passage in a Senate floor speech.
Barrasso said the United States last year passed the GENIUS Act, its first major digital asset bill, and stressed that the same bipartisan cooperation is needed again. "The Senate needs to build on the GENIUS Act by passing the Clarity Act," he said.
The Senate is due to begin a five-week recess this week, leaving little time to hold a vote on the bill. Some Republicans are criticising Democrats, saying they are deliberately delaying deliberations and taking excessive issue with specific wording.
Even so, the pace of action appears slower than expected. Senator Thom Tillis (톰 틸리스) said on Aug. 5 that the White House is reviewing recent revisions, but was reported to have said on Aug. 6 that he had not yet received a response. Senate Majority Leader John Thune (존 튠) earlier said he hoped for a vote before the recess, but other bills also remain for action before lawmakers leave, pushing the Clarity Act down the priority list.
The bill aims to clarify the U.S. digital asset regulatory system in law. After it passed the House last year, the text expanded significantly. Senator Cynthia Lummis (신시아 루미스) previously said more content was added to the draft at Democrats' request.
From July, a new version reflecting ethics provisions also began circulating among lawmakers. The revisions include a ban on government officials and their families issuing or promoting cryptocurrencies. Democrats had previously flagged this issue, but some lawmakers say this level of change is not enough. Democratic lawmakers said in a letter in July that the bill falls short of expectations.
Another factor behind the deadlock is the issue of stablecoin yield payments. Banking lobby groups have raised concerns about stablecoin yields paid by crypto companies to customers, and that has clashed with the position of companies such as Coinbase. Along with the ethics provisions, financial-sector interests remain a factor slowing progress on the bill.
Even so, Republicans are still leaving open the possibility of a vote this week. Senate Banking Committee Chairman Tim Scott (팀 스콧) said on Fox Business, "The Clarity Act is something we have to advance," adding, "There is no doubt that the first vote has to happen before we leave." Lummis also said on Aug. 5 that a vote would take place, adding that lawmakers could stay and extend the deadline by a day or two if needed.
Ultimately, the key issue is whether a political agreement can be reached before the recess. With the White House review, additional Democratic demands, and conflicting interests between the banking sector and the crypto industry entangled, whether it leads to a vote this week depends on last-minute negotiations.
JUST IN: Senate Majority Whip John Barrasso tells the Senate “its time for the Senate to build on [the GENIUS Act] by passing the Clarity Act.” "America is safer and stronger when we innovate" pic.twitter.com/LPG11vESle