The CLARITY bill, one of the most significant pieces of legislation for cryptocurrency regulation in the U.S., is facing an increasing risk of failure. According to U.Today, Republican senators have stated that the bill may lack the votes needed to advance in the Senate next week. A procedural vote is expected on September 15, which requires at least 60 votes to move forward, of which 7 must come from Democrats or independent senators. Currently, the chances of the bill passing stand at only 15%. Senator Mike Rounds expressed doubt, saying, “The situation does not look good right now.”
The bill, aimed at creating a clear framework for regulating cryptocurrencies, has encountered disagreements between Democrats and Republicans over ethical standards. Senator Thom Tillis noted that if the White House does not show interest in compromising on ethical language, the bill may fail. Senator Cynthia Lummis, one of the main supporters of the bill, stated that if the bill fails, it will be because Democrats did not support it: “If this bill fails, it will not be due to ethics; it will happen because Democrats did not unite with Republicans in support of a bipartisan bill.”
Recent delays in advancing the bill have left lawmakers with less time to reach a compromise, especially with the upcoming midterm elections. There are concerns that if the bill does not pass this year, comprehensive cryptocurrency regulation could be postponed until 2030.