U.S. digital asset bill 'CLARITY Act' effectively derailed for September Senate vote

On the 23rd (local time), according to Crypto in America host Eleanor Terrett, the Senate Banking Committee, led by Republicans, has effectively failed to hold the targeted September 30 vote on the digital asset market-structure bill 'CLARITY Act'.

The Democrats have maintained that a procedural agreement is needed before detailed negotiations and have not yet provided official feedback. With the added possibility of a federal government shutdown, a late-September vote has become effectively impossible.

A new target schedule being discussed is the week of October 20, but nothing has been finalized. However, because the Senate Agriculture Committee is planning an October vote on a Commodity Futures Trading Commission (CFTC)-related bill, this delay is not expected to completely prevent the bill from being brought to the full Senate within the year.

The CLARITY Act is a bill aimed at establishing a regulatory framework for the virtual asset (cryptocurrency) industry. Its main provisions include clearly delineating the jurisdictional authority of the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC), and including a provision exempting virtual assets that meet certain criteria from registration requirements under the 1933 Securities Act.