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Senators say bipartisan Clarity Act push continues, vote set for September

The bill, already passed by the House, was expected before a five-week recess but will now be voted on in September after delays.

Reported · Written up by our desk · Regulation

Bitcoin Magazine reports that Senators Cynthia Lummis and Angela Alsobrooks said bipartisan work on the long-awaited Clarity Act for crypto market structure is continuing despite news that a planned vote before a five-week recess will not happen.

The outlet says the Senate will instead vote on the bill in September. Alsobrooks said lawmakers have worked for more than a year on the measure, citing goals including consumer protection, limiting deposit flight, and fighting illicit finance, alongside ethics provisions.

Bitcoin Magazine also notes that the Clarity Act passed last year in the House of Representatives, and its text has expanded over time. The article points to disagreements between banking interests and crypto exchanges over concerns that exchanges may pay customers too much yield through stablecoin products.

On the ethics side, the outlet says Democrats have sought additional changes, including discussion of a separate measure that would bar government officials from promoting and making money, according to lawmakers mentioned in the story. Lummis said lawmakers have come too far to quit and will keep working with colleagues to get the bill done.

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