U.S. Senate may advance a vote on the CLARITY Act this week, with the 60-vote threshold being the biggest hurdle.
1 hours ago
US Senate Republicans plan to push the CLARITY Act into formal consideration this week. Senate Majority Leader John Thune aims to advance the bill before the August recess. Under the agenda, Republicans may first file a cloture motion, which requires 60 Senate votes to move forward. However, the bill still falls short of the 60-vote threshold, making Democratic support critical. Previously, seven Democratic senators stated that the latest version of the CLARITY Act remains "insufficient" in terms of ethical provisions, illegal financial regulation, and conflict of interest rules. Republicans are negotiating with Democrats to revise relevant clauses to secure bipartisan support. Additionally, uncertainties exist within the Republican Party. With a narrow Senate majority and Senate Minority Leader Mitch McConnell expected to be absent, the stances of Republican senators like Josh Hawley and Rand Paul—who previously opposed the GENIUS Act—remain a key point of focus. Meanwhile, US SEC Commissioner Hester Peirce warned that the crypto industry moving traditional financial products on-chain does not automatically exempt them from securities regulations. She noted that some crypto yield vault products, if involving third-party active management of user assets, may qualify as investment funds and need to comply with securities laws. Peirce pointed out that the SEC does not regulate developers for writing code itself, but enterprises cannot assume they are subject to different regulatory rules solely because their operations are deployed on the blockchain. She advised relevant projects to seek legal advice in advance when designing products and communicate with regulatory authorities.
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