Svmuu News: The U.S. Senate is attempting to advance the “Clarity Act”—a bill aimed at restructuring the cryptocurrency market—in July, but the window for passage is narrowing due to a backlog of priority items, including the National Defense Authorization Act, the reauthorization of the Farm Bill, and the Housing Bill.
The Senate’s agenda for the coming weeks is packed. In addition to the annual defense and agriculture bills, Donald Trumpid on Wednesday that he would not support a major housing bill unless Congress first passes legislation requiring federal voters to provide proof of citizenship. That housing bill also includes provisions banning central bank digital currencies.
Since members of Congress will leave Washington before the August recess, if the relevant bills fail to move forward before then, the political focus upon their return will shift to the November elections, and the floor time available for crypto legislation will be further reduced.
Republican Senator Cynthia Lummis said a revised version of the bill is expected to be released around July 4 to allow lawmakers to conduct a final review and push for a vote in July. A Senate aide also stated that the Clarity Act will be one of the bipartisan priorities after the Senate reconvenes in July.
However, the bill still faces multiple uncertainties, including the level of Democratic support, the controversy over Donald Trump’s crypto-related conflicts of interest, the priority of other major bills, and the Senate’s limited schedule.