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Clarity Act timeline slips again, raising doubts for crypto bill
CoinDesk says Senate Majority Leader John Thune indicated the bill would not pass before September, and an election year could push any chance of enactment out to 2029.
CoinDesk reports on its weekly newsletter for financial advisors, saying the Digital Asset Market Clarity Act appears to be running into major implementation and political hurdles.
The outlet focuses on the bill’s “ethics” portion, which would prohibit certain federal officials, including the President, from issuing cryptocurrency tokens while in office, a provision described as a cornerstone of the Democratic crypto agenda.
CoinDesk says Republicans faced a difficult tradeoff because for the bill to become law, President Trump would have to sign it, and the outlet notes he has historically favored issuing cryptocurrency tokens.
According to CoinDesk, the language was not well received, with Sen. Ruben Gallego criticizing an amended version as not a serious effort, and Senate Majority Leader John Thune reportedly said the bill was not expected to pass before September, putting its prospects in further doubt.