CLARITY Act: US Senate Schedules Last-Minute Meetings To Advance Crypto Bill
Highlights
- The U.S. Senate is moving forward to host meetings to discuss the CLARITY Act.
- The urgency comes as the lawmakers eye the August recess deadline for approval.
- Moreover, as the process is speeding up, some officials have offered positive remarks on the probability of passage by July 4.
The CLARITY Act is gearing up for a pivotal next round of negotiations in the Senate next week. The U.S. Senate has scheduled several 11th-hour meetings to move the crypto bill forward.
CLARITY Act Urgency Grows Ahead of Congressional Recess
The meetings follow a loss in the size of its legislative agenda as Congress moves toward the August recess. This setup is demanding that negotiators find a path forward on finalizing the remaining details of the proposal to create a crypto market structure.
The Senate on Thursday held a meeting to discuss the next steps in the discussions, as provisions being directed by the Senate Agriculture Committee became more prominent. Much of the legislation is within the committee’s jurisdiction and its role is central to the progress of the bill.
After the meeting, Senate Agriculture Committee Chairman John Boozman recognized the progress of talks and challenges that lie ahead.
“I believe the effort is coming together,” Boozman said, per Punchbowl News report. However, he pointed out that the law is not well known among the legislators. He added, “One of the issues that we have is, a lot of members don’t understand it. In fact, I would say most members don’t.”
Is July 4 Approval Possible?
The new talks come as Senator Bill Hagerty remarked recently that the Senate may want to try to pass the CLARITY Act prior to the July 4 recess.
During a FOX Business interview, Hagerty expressed hope that members of Congress can finish the work on the bill in the next few weeks. “This will be something more a matter of focus after the 4th of July recess period, but I certainly hope to see it done before,” he said.
Earlier, White House crypto advisor Patrick Witt also shared an optimistic note for an approval by July 4. However, not everyone is familiar with that time frame. Senate floor vote for the CLARITY Act is more probable before the August recess than before Independence Day, Senator Cynthia Lummis has said.
Hagerty revealed the significance of the bill for the U.S. digital asset industry. “If you think about where the CLARITY Act is taking us, it’s creating the type of certainty that’s necessary to bring the entire digital asset framework into full-blown opportunity here in America,” he said.
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