2 weeks left for Clarity: State of Crypto

Share This Post

The crypto industry, naturally, is urging passage. The common refrain online is that Clarity includes some investor protection rules and creates some structure for crypto products, while not passing the bill would mean there are no investor protections.

If the bill is to pass the Senate before summer recess begins, the first thing to watch for is a motion to proceed on Monday or Tuesday. This kicks off the formal process. If the motion to proceed is filed by Wednesday, one individual following the process said, that would still give the Senate enough time to vote on the bill before August 7, the last day of the summer session.

If the motion to proceed ripens — meaning it’s been an hour into the second day after the motion is filed, according to the Congressional Institute, a not-for-profit organization — there can be a cloture vote, most likely on the amendment in the nature of a substitute (i.e. the new text of the bill). If that passes, there can be another cloture vote later on for the actual passage of the bill.

“Recess deadlines are powerful tools,” Kristin Smith, the president of the Solana Policy Institute, told CoinDesk.

On a practical note, what this most likely means is we’ll see the motion to proceed Monday or Tuesday, two industry sources told CoinDesk, with a possible vote late next week.

Related Posts

Russia’s Biggest Bank Plans Crypto Trading Infrastructure By Year End

Sberbank, Russia’s biggest bank, plans to build cryptocurrency trading...

CFTC Warns Prediction Markets Over Vague Self-Certification

For the second time this year, the US Commodity...

U.S. regulator warns prediction markets against cutting corners in event contracts

The U.S. Commodity Futures Trading Commission, which has claimed...

Europe’s high regulatory bar could spark new crypto industry M&A wave

"As it uses existing rules, it’s going to be...

BitMart to shut down after nine years, exchange token crashes 58%

BMX, the platform's token, fell to about 8 cents,...