CLARITY Act not on Senate agenda Monday

The US Senate will not consider the CLARITY Act on Monday. The crypto bill is not on the agenda for 3 August, with the clock ticking towards the summer recess on 10 August. The next 72 hours are therefore crucial for the fate of the bill.

In brief:

• The CLARITY Act is not on the Senate agenda for Monday 3 August.
• A procedural vote is possible at the earliest on Friday 7 August, but a final vote is not.
• The bill must be passed before 10 August, otherwise it will stall because of the summer recess.

Only a vote on an appropriations bill

The published Senate daily schedule for Monday contains just one voting moment: a procedural vote around 17:30 on H.R. 6500, a temporary funding bill. The CLARITY Act, the bill intended to provide clarity on the regulation of digital assets in the United States, is not included.

That leaves supporters of the bill with a tight timeline. If a so-called cloture motion is filed on Wednesday 5 August, the Senate could vote at the earliest on Friday 7 August on whether consideration of the CLARITY Act may begin at all. A definitive vote on the substance of the bill, however, would no longer fit in before the recess under that scenario.

Opportunities remain via fast-track procedures

There are still two possible routes to steer the bill through the Senate before 10 August. The process can be accelerated either through a bipartisan petition or through unanimous consent. Unanimous consent requires the cooperation of all senators present, which sets the bar high.

Pressure is mounting as the Senate summer recess begins on 10 August. If the bill fails to make that date, its consideration will be delayed and all steps will have to be repeated. The crypto sector is following developments closely, because the CLARITY Act could determine how US regulators deal with crypto and DeFi.