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Crypto Clarity Act vote faces further delay as August recess nears

Lawmakers are expected to take a five week August break starting Thursday or Friday, and the bill has also faced banking lobby concerns tied to stablecoin yield and potential deposit base losses.

Reported · Written up by our desk · Regulation

Bitcoin Magazine reports the long awaited U.S. Crypto Clarity Act may not reach a vote before lawmakers break for more than a month as the August recess approaches.

The outlet says lawmakers appear to be prioritizing other bills ahead of a five week break starting Thursday or Friday, even though the act would set U.S. digital asset regulation. It also notes the measure passed the House last year with support from both parties but has been deadlocked this year.

Bitcoin Magazine adds that a draft language circulating in July would ban government officials and their families from issuing or promoting crypto, after concerns about ethics. The bill has stalled further amid banking lobby concerns about stablecoin yield, with critics arguing that crypto exchanges paying attractive rewards could lead banks to lose their deposit base.

The article also highlights ongoing disputes around alleged conflicts of interest involving President Donald Trump and the crypto industry, while saying major Wall Street firms including Fidelity and Goldman Sachs, along with law enforcement organizations, have backed the bill in its current form. It further says Kristin Smith of the Solana Institution pointed to continued bipartisan work between Republican Thom Tillis and Democrat Ruben Gallego on new ethics language.

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