Early Saturday morning, Thune filed for a cloture vote scheduled for Sept. 15
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Some in the crypto industry were disappointed by the delay, as there had been an expectation that the Senate could at least hold an initial vote before lawmakers returned to their respective states, said Talia Davis, vice president of government relations at the DeFi Education Fund.
Key facts
Blockchain Association CEO Summer Mersinger said the reopening of the stablecoin reward part of the Clarity Act, Section 404, was discouraging
On Monday, TD Cowen’s Washington Research Group, led by managing director Jaret Seiberg, put the odds of the bill, called the Clarity Act, becoming law in the next few months at a mere 25%
The Senate returns Sept. 14; both the House and Senate are in Washington until Oct. 2 and are out all of October, which could pose a challenge
Both SEC Chair Atkins and CFTC Chair Michael Selig have emphasized that agency action can provide regulatory clarity in the near term, while legislation like the Clarity Act would establish a more
Summary
The outlook for landmark cryptocurrency legislation is growing increasingly bleak, following Senate Majority Leader John Thune's move to punt the initial vote to next month. Early Saturday morning, Thune filed for a cloture vote scheduled for Sept. 15, when the Senate is back from its month-long recess. That leaves lawmakers with only a few weeks in September to clear the procedural hurdle and potentially pass the bill in the Senate before sending it to the House. "At least there is acknowledgement that this will happen, or at least some hope that it will happen in September.