The digital asset industry expected the newest version of the CLARITY Act to drop this weekend but unfortunately it seems the legislation is still under construction.
Meanwhile the Senate returns from the July 4th recess on July 13th with hope springing eternal that when the pols are back the CLARIT Act will be front and center.
The CLARITY Act is crypto market infrastructure legislation that determines who regulates what and provides a framework for crypto firms to operate in a compliant and safe manner. Much of the delay revolves around sticky issues that may impact how banks operate today. Meanwhile, the banking industry is fearful of competition and change.
On July 17th, the House Subcommittee on Digital Assets, Financial Technology, and Artificial Intelligence, part of the House Financial Services Committee, will hold a “field hearing” on “How the Clarity Act Unlocks Innovation.” While the House has done its job in approving the legislation in a bipartisan manner, the Senate continues to negotiate issues that will impact old and new financial services.
Kristin Smith, former CEO of the Blockchain Association and now President at Solana is still hopeful the job will be completed before the summer recess. Posting on X earlier today, she noted that “July 18 marks one year since the GENIUS Act became law. A year ago, many doubted Congress could legislate on digital assets. Today: clear federal rules, a stablecoin market past $300B, and new entrants announcing plans every day. Good policy works. Clarity is next.”
She says that “writing new rules for new technology is a hallmark of American global leadership.”
While expectations were for the bill to be distributed over the weekend, perhaps the official launch of the Trump Accounts today demanded a clear news path for the broadly supported policy. Tomorrow is another day.