Summary
- With the Clarity Act headed for a Senate procedural vote on Sept. 15, debate over a digital-asset market structure bill is expected to continue regardless of the outcome.
- Even if the Clarity Act clears the procedural vote, the chances of final passage before the midterm elections are low because of the House recess schedule.
- If the Senate secures the 60 votes needed for the procedural vote, the House could move quickly on the basis of a bipartisan agreement, meaning negotiations on legislation to support growth in the U.S. digital finance industry will continue.
Forecast Trend Report by Period
Debate over the Clarity Act is set to continue regardless of the outcome of a Senate procedural vote on Sept. 15, Forbes reported on Sept. 11.
Cleave Mesidor, executive director of the Blockchain Foundation, told Forbes that discussions in Congress on advancing digital-asset market structure legislation will continue no matter how the Sept. 15 cloture vote on the Clarity Act turns out.
Mesidor also said the bill is unlikely to become law before the midterm elections even if it clears the procedural vote on Sept. 15. The House is scheduled to go into recess just days after the Senate vote on the Clarity Act, leaving little time for both chambers to complete action on the measure.
Still, legislative talks could gain momentum if the Senate secures the 60 votes needed for the procedural vote. The House Agriculture Committee and the House Financial Services Committee are watching the Senate negotiations, and a bipartisan compromise in the Senate could pave the way for swift action in the House.
She added that bipartisan consensus has already formed around the need for the Clarity Act to support growth in the U.S. digital finance industry. Negotiations on the legislation will continue.
Uk Jin
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