The U.S. Senate has postponed consideration of the Clarity Act, a cryptocurrency market-structure bill, to September, making its passage this year uncertain.

A former senior adviser at the U.S. Securities and Exchange Commission and Paradigm’s vice president for regulatory affairs, Justin Slaughter (저스틴 슬로터), said the bill is "not dead". He added that its chances of passing have fallen sharply since the delay, blockchain outlet U.Today reported on Aug. 7 local time.

The bill had been expected to face a procedural vote in the Senate before lawmakers left for an August recess. But Senate Republican Leader John Thune delayed the vote until September as negotiations stalled. The move leaves the Senate needing to take it up again in a short session of a little more than three weeks as the election phase intensifies.

Slaughter wrote on social media platform X, formerly Twitter, that the Clarity Act is "not over." He said the delay has narrowed the path to passage. Moving it quickly in the Senate could require unanimous consent, but the cryptocurrency bill has not secured the basis for that, he said.

He said at least 10 senators did not agree to the time agreement needed. He also said that with disagreements persisting, using the process to end debate would take too long and was unrealistic.

He pointed to external criticism and internal Republican opposition as direct drivers of the delay. Slaughter said a recent Wall Street Journal opinion article and late-stage opposition from Republican senators including Josh Hawley were key factors behind the vote being postponed. That means political 부담 surrounding the bill grew, weakening momentum to pass it before the recess.

The next potential turning point for markets and the industry is the lame-duck session after the election. Slaughter said there remains room for the bill to pass in the session held after the vote. But he said this scenario would require Democrats to suffer significant seat losses in the midterm elections. For now, the possibility of pushing the bill again remains open, but the political calendar and the congressional makeup have become bigger variables.

He also raised the point that the centre of gravity in regulatory debate is still influenced by public opinion outside Washington politics. "Policy in Washington is still influenced by elite media," Slaughter said. "A significant number of conservative opinion leaders are expressing doubts about crypto." He said it would be difficult to speed up passage if the industry fails to make progress in persuading opinion leaders as well as policymakers.

Against this backdrop, the bill’s next schedule now hinges on the Senate’s September session and the post-election congressional landscape. How quickly procedural agreements are reached in the Senate, and how much the cryptocurrency industry can reduce the grounds for opposition in politics, remain the next points to watch.