Clarity Act Debate to Continue Even if Sept. 15 Senate Procedural Vote Fails

Debate over the Clarity Act is set to continue regardless of the outcome of the Senate's procedural vote on Sept. 15.

Forbes reported on Sept. 11 that Cleve Mesidor, executive director of the Blockchain Foundation, expects congressional discussions on digital-asset market structure legislation to continue no matter how the Sept. 15 cloture vote on the Clarity Act turns out.

Mesidor also said the bill is unlikely to be enacted before the midterm elections even if it clears the procedural vote on Sept. 15. The House is scheduled to recess just days after the Senate vote on the Clarity Act, leaving little time for both chambers to complete action on the legislation.

Still, she said the legislative push could gain momentum if the Senate secures the 60 votes needed for cloture. The House Agriculture Committee and the House Financial Services Committee are closely watching the Senate negotiations. If the Senate passes a bipartisan compromise, the House could move quickly as well.

She added that bipartisan consensus has already formed around the need for the Clarity Act to support growth in the U.S. digital finance industry. Negotiations on the legislation will continue.