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

Odaily Planet Daily News The US Senate has reconvened after the Memorial Day recess, but there are only about four weeks left in the legislative window before entering a two-week recess related to the July 4 Independence Day holiday, putting time pressure on advancing the crypto market structure bill, the Clarity Act.

Reports indicate that during this period, the Senate must prioritize multiple agenda items, including the Department of Homeland Security funding, the Pentagon budget supplement, and the extension of FISA Section 702 authorization, making the legislative schedule highly congested. Even if it enters the deliberation stage, the related voting process could take one to two weeks.

Meanwhile, the bill itself is still in the coordination phase between versions from the Senate Banking Committee and the Agriculture Committee, with some key provisions remaining contentious and negotiations proving complex. The long-standing debate over issues such as stablecoin yields has already consumed significant political resources, and the current focus has shifted to unresolved differences in the Agriculture Committee's version.

Since the bill needs 60 votes in the Senate to overcome a filibuster, cross-party consensus is crucial. Several Democratic senators have indicated that ethical constraints on government officials' crypto asset holdings and the regulatory authority of law enforcement agencies in the DeFi sector will be important prerequisites for supporting 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 until a deeper phase of the election cycle, its political momentum could face uncertainty. (Crypto In America)