CLARITY Act Stalls in Senate as Political Divisions Push Crypto Bill Into September

The Senate shelved its landmark crypto bill before recess. The industry’s biggest legislation has faced yet another setback. The US Senate will not take up the crypto market structure bill before lawmakers leave Washington for the month-long recess, pushing the vote to September instead. Senate Majority Leader John Thune, speaking through a spokesperson, confirmed there will be no vote on the CLARITY Act in August but said the measure is expected to be considered once the Senate returns. Thune said Democrats remained opposed to holding a vote before the recess. “The Dems are insistent on no CLARITY vote… I worked with sponsors of the bill. Senator Lummis was great, and we’re getting that queued up first thing when we come back.” CLARITY Act on Hold With the vote pushed back, senators now have several more weeks to gather the support needed for the legislation. The bill requires 60 votes to advance in the Senate, meaning it cannot pass without some Democratic votes. Democrats are pushing for stronger safeguards to stop President Donald Trump from benefiting financially from crypto while serving in office. Support from Republicans has also been uncertain in recent weeks. For instance...