Senate Majority Leader John Thune said in an interview with reporters that whether the “CLARITY Act” can pass the Senate before the August recess is “uncertain”: “I don’t think we’re going to be able to get it done. At a minimum, I’d like to get the Clarity Act moving—we’ll see how the vote goes.” Earlier, after months of negotiations, Republican senators released a 616-page draft of the “CLARITY Act”.
Thune and Kennedy’s statements: the August deadline is near
According to a report by Punchbowl News reporter Brendan Pedersen, the informal last deadline for reaching a consensus on cryptocurrency legislation before the August recess was previously viewed as a given, but now that deadline has passed and doubts about the bill are growing.
A direct quote from Thune in an interview with reporters: “I don’t think we’re going to be able to get it done. At a minimum, I’d like to get the Clarity Act moving (Clarity Act)—we’ll see how the vote goes.”
Kennedy’s warning: “If we don’t get the ‘yes’ votes before the August recess, I think our chances of winning will be to our disadvantage.”
The bipartisan obstacles to the “CLARITY Act”: banking industry worries, opposition from the Democratic coalition, and moral conduct rules
According to reports, the “CLARITY Act” is currently facing the following specific obstacles:
Conning (R): Worried that stablecoin yield products could drain community bank deposits; and has doubts about the draft’s provisions protecting DeFi creators
Curtis (R): Expressed the banking industry’s concerns about the bill, and said he would meet with Tim Scott, chair of the Senate Banking Committee, to discuss the bill’s impact on local lending institutions
A coalition of seven Democratic senators (led by Orslo Brooks): Believes the draft is “insufficient” in terms of consumer protection, illegal finance, market integrity, and conflicts of interest
Moral conduct provisions: Aimed at limiting President Trump and other federal officials’ use of cryptocurrency; Republicans are unwilling to strengthen related provisions; Lummis said, “It’s not possible to have a provision that satisfies both the president’s opponents and the president himself.”
FAQ
What is Thune’s position on the “CLARITY Act” before it passes in August?
According to Thune’s public statement in an interview with reporters, he said he was “uncertain” about whether the bill could be completed before the August recess, and directly said, “I don’t think we’re going to be able to get it done,” but added that he hopes at least to kick off the voting process.
What warning did Kennedy give about the deadline for the “CLARITY Act”?
According to a report by Punchbowl News, Senator Kennedy said: “If we don’t get the ‘yes’ votes before the August recess, I think our chances of winning will be to our disadvantage.”
What are the main obstacles facing the “CLARITY Act” right now?
According to reports, the main obstacles include: Conning (R)’s concerns about the impact of stablecoins on community banks; the Democratic seven-member coalition (including Orslo Brooks, etc.) saying consumer protection is insufficient; and the moral conduct provisions that limit federal officials’ use of cryptocurrency being difficult to reach consensus on between the two parties.
