United States: Vote on CLARITY Act postponed until September

Debates around the regulation of digital assets are experiencing a further slowdown in the United States. While several players in the sector were hoping for rapid progress, the CLARITY Act will ultimately have to wait until Parliament returns. The postponement of the vote until September results from a persistent disagreement between Republicans and Democrats on several sensitive provisions. This decision prolongs the uncertainty surrounding this text, considered an important step in regulating the cryptocurrency market in the country.

The CLARITY Act rejected after deadlock in the Senate

The legislative calendar is evolving once again in the United States with the postponement of the CLARITY Act after Congress’ summer break, confirming the persistent uncertainties surrounding its vote. Senate Majority Leader John Thune confirmed the bill would return to the agenda in September according to a report from POLITICO.

Democrats insisted there be no vote on the CLARITY Act. We will put this item at the top of the agenda when we return in September.

John Thune, Senate Majority Leader. Source: POLITICO

He told reporters Thursday evening. that the Democrats had refused to hold a vote, believing that several provisions still needed to be reviewed. This decision puts an end to hopes of adoption before the parliamentary recess.

However, a few days earlier, John Thune still showed his desire to move the bill forward quickly. He indicated that the Senate would continue its work until finalizing the main pending files. Ultimately, the negotiations did not result in sufficient consensus. The United States is therefore entering a new waiting period before resuming discussions on the text.

Why the CLARITY Act remains blocked in the United States

The main sticking point concerns the ethics rules incorporated into the CLARITY Act. Discussions are still between the White House and several elected Democrats, who wish to strengthen certain guarantees before any vote. The negotiations did not make it possible to reconcile the positions. In this context, the United States sees an important reform remaining suspended from the next parliamentary discussions.

Among the proposals examined is a clause targeting certain federal officials. Senators Thom Tillis and Ruben Gallego want to impose the sale of significant stakes in companies linked to digital assets when certain thresholds are exceeded.

This measure targets in particular situations that could create conflicts of interest. At the same time, the role of state attorneys general also continues to fuel discussions, with several elected officials fearing future legal appeals motivated by political differences.

A majority still difficult to gather

Beyond ethical questions, the CLARITY Act also faces resistance within the Republican camp itself. For a closing vote to succeed, the text must obtain at least 60 votes in the Senate. However, several elected officials have already indicated that they would not support the project in its current version. This situation further reduces the chances of rapid adoption in the United States.

Senators Jerry Moran and Josh Hawley notably announcement that they would vote against the text without modifications addressing the concerns of the banking sector. Their position further complicates the majority’s calculations. The CLARITY Act will therefore have to be the subject of new negotiations before returning to senators. The United States is now approaching the start of the parliamentary term with a file still open, the outcome of which will depend on the ability of the different parties to find an acceptable compromise.

When work resumes in September, discussions should resume on the contested provisions in order to seek a broader agreement. The next sessions will make it possible to measure whether the proposed adjustments are sufficient to bring together the necessary votes or whether the legislative process will be postponed again in the United States. The outcome of these negotiations will be decisive for the evolution of crypto regulation and the legal framework applicable to digital assets in the country.