U.S. Senate Delays Crypto Clarity Act Amid Other Priorities
The Senate majority leader is focusing on other legislation, putting the crypto bill's floor time on hold.
The U.S. Senate will not take up the crypto-focused Clarity Act in the near term, as Majority Leader Chuck Schumer prioritizes other bills for floor time, according to a report from CoinDesk. The delay leaves the crypto industry awaiting a vote on legislation that aims to provide regulatory clarity for digital assets.
The Clarity Act, formally known as the Responsible Financial Innovation Act, was introduced by Senators Cynthia Lummis and Kirsten Gillibrand. It seeks to establish a comprehensive framework for crypto regulation, including classification of digital assets as commodities and oversight by the Commodity Futures Trading Commission.
Industry advocates have pushed for the bill's passage, arguing it would reduce regulatory uncertainty. With the Senate focused on other matters, the timeline for the Clarity Act remains unclear, though supporters expect it to be revisited when floor time permits.