U.S. Senate Delays CLARITY Act Amid Legislative Priorities

Huo Xing Finance reports that on May 23, cryptocurrency journalist Eleanor Terrett revealed that the U.S. Senate failed to reach an agreement this week over border security issues, causing the Cryptocurrency Market Structure Act (also known as the CLARITY Act) to be delayed until early June for consideration of Senate floor time. Due to a backlog of priority items—including funding, housing, farm bills, and FISA renewals—the prospects of the bill advancing to a full Senate vote in July and passing before the August recess remain uncertain. Senate staff are currently continuing to consolidate the texts from the Agriculture and Banking Committees and advancing technical drafting during the recess. For a detailed breakdown of the next legislative steps for the CLARITY Act, see “The CLARITY Act Faces Its Final Boss Fight: Seven Democratic Senators Must Switch Sides Before Full Senate Vote.”