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New developments have occurred in the Clarity Act, a cryptocurrency law favorable to a bull market! What is the latest situation? Will the law be passed?
Discussions in the United States regarding the timeline for passing the key Clarity Act, aimed at regulating cryptocurrency markets, have intensified. As the process of reviewing the bill by the Senate Banking Committee becomes increasingly complex and difficult to complete by April, attention is now shifting to May.
After the Senate hearings on the nomination of Kevin Warsh for the position of Federal Reserve Chair are completed, the committee is expected to fully turn its attention to the Clarity Act. However, according to insiders, the committee needed to issue an official notice this week in order to hold hearings on revising the bill next week. The fact that this step has not yet been taken indicates a delay in the process.
Tom Tillis, a prominent figure in the bill negotiations, stated that he does not expect progress in April and that the process may extend into May. In that case, given the Senate schedule, the first possible date becomes the week of May 11.
Reportedly, Tillis’s request for additional time is driven by pressure from the banking sector, particularly regarding the text of the agreement on stablecoin yields. Various banking lobbies, primarily the North Carolina Bankers Association, have expressed dissatisfaction with certain details of the agreement reached between cryptocurrency companies and banks. The fact that the draft text has not yet been published also increases uncertainty in the sector.
Tillis argued that the process should not be rushed, stating: “It is very important for me to hear everyone out and to lay a rational foundation for the agreements we will reach.”
On the other hand, not all committee members support further delays. Cynthia Lummis stated that additional postponements are unacceptable and that the progress achieved with bipartisan support should not be put at risk. Lummis said: “I will not allow the progress achieved to be wasted in pursuit of a perfect law. The risks associated with offshore activity are increasing, and time is running out.”
Impatience is also evident in the crypto sector. Industry representatives recall that initial expectations dating back to September were tied to the advancement of the bill, and they are concerned about the prolonged process. In this context, the Digital Chamber, in a letter sent to the leadership of the Senate Banking Committee, urged the prompt initiation of the amendment process for digital asset market regulation.
The letter noted that more than 270 days have passed since the House of Representatives passed the Clarity Act and included a warning about the rapidly shrinking legislative calendar. According to industry sources, similar appeals from other industry organizations are expected in the coming days.
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