Clarity Act faces pressure to pass before July 4, US Senate's congested schedule may delay bill advancement

Odaily Odaily reports that the US Senate has returned from the Memorial Day recess, leaving only about a four-week legislative window before entering a two-week recess related to the July 4 Independence Day holiday. This puts time pressure on the advancement of the crypto market structure bill, the Clarity Act.

The report notes that during this period, the Senate must prioritize a number of items on its agenda, including appropriations for the Department of Homeland Security, a supplemental budget for the Pentagon, and the extension of FISA Section 702 authorization, leading to a heavily congested legislative calendar. Even if the bill enters the deliberation phase, the associated voting process could last one to two weeks.

Meanwhile, the bill itself is still in the coordination phase between the versions from the Senate Banking Committee and the Agriculture Committee, with disagreements remaining on several key provisions, making negotiations complex. Previously, a long-running battle over issues like stablecoin yields has consumed significant political capital, and the current focus has shifted to unresolved differences in provisions within the Agriculture Committee's version.

Since the bill needs 60 votes in the Senate to overcome a filibuster, bipartisan consensus is crucial. Several Democratic senators have indicated that ethical constraints on government officials' holdings of crypto assets and the regulatory authority of law enforcement agencies in the DeFi sector are important prerequisites for their support of the bill.

Analysts point out that even if it fails to pass before July 4, the bill could still advance before the August recess. However, if it is delayed further into the election cycle, its political momentum could face uncertainty. (Crypto In America)