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U.S. Senate halts consideration of the Clarity Act… "Future timetable unclear"
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Summary
- The U.S. Senate has temporarily halted consideration of the cryptocurrency market structure bill (the Clarity Act), raising uncertainty over the path forward.
- Coinbase CEO Brian Armstrong withdrew his support, saying he cannot back the current draft of the Clarity Act, which became a key variable.
- Opposition from major cryptocurrency companies and concerns from some Republican lawmakers have made it harder to secure bipartisan support, and the timing of any renewed markup remains uncertain.
The U.S. Senate has temporarily suspended deliberations on the cryptocurrency market structure bill (the Clarity Act).
According to Politico, a U.S. political news outlet, on the 15th (local time), Senate Banking Committee Chairman Tim Scott withdrew plans to hold a vote on the Clarity Act. The committee had previously planned to proceed with a markup of the Clarity Act that day. A markup is the stage in which a congressional committee conducts a final review of a bill before sending it to the full chamber.
Scott’s decision to postpone the vote reflects consideration of pushback from the crypto industry. Coinbase CEO Brian Armstrong said the previous day (the 14th) that, "After reviewing the Senate Banking Committee’s draft of the Clarity Act over the past 48 hours, I’ve concluded that I cannot support the bill in its current form," and withdrew his support for the legislation.
Politico reported that the pause was due to "unexpected new opposition from major cryptocurrency companies and uncertainty over the vote outcome," adding that "some Republican lawmakers have also voiced concerns about the Clarity Act, making it difficult to secure bipartisan support."
The timeline for further consideration remains murky. Politico said, "It is still unclear when Chairman Scott will schedule another markup."
