Sen. Cynthia Lummis has provided the clearest indication on when the Senate might get the CLARITY Act on floor. It appears lawmakers may require more time than first thought to advance the legislation through Congress.
Senator Lummis Comments On CLARITY Act Senate Vote Timeline
In a conversation with journalist Eleanor Terrett, Lummis shared insights on the expected timeline of the bill. She said that it is not yet clear if the CLARITY Act will pass before the July 4 congressional recess, given the competing agendas of lawmakers.
Lummis said she thinks the Senate floor vote could happen before July 4 recess. However, she believes the vote is more likely to take place ahead of the August recess. She said, “I think it’s possible, but maybe more likely we finish it before the August recess.”
This week, the Digital Asset Market Clarity Act was officially added to the Senate Legislative Calendar. Hence, her remarks come with the possibility that the legislation could be considered on the Senate floor after lawmakers on June 3. Though momentum has picked up, Senate leadership has yet to designate a formal date for debate and votes on the legislation.
There are still a few bills and amendments that must be combined before the Senate can move forward, Lummis said. “We have to wrap the Banking Committee bill with the Ag Committee’s bill with the ethics provisions with some changes to the Genius Act,” she said.
Getting the final CLARITY Act text and getting the 60 votes necessary for cloture “might take a little more time than the 4th of July,” the senator added.
Nonetheless, a quicker process is not impossible, Lummis said. She cited the fact that Congress enacted the Working Families Tax Cut bill in “record time” last year.
In a separate update, Lummis rebuked JPMorgan CEO Jamie Dimon for his opposition towards the bill.
Crypto Market Structure Bill Gets Renewed Support From Industry
Amid the CLARITY Act progress, crypto developers are getting new political support. A new political action committee (PAC) has been launched called Defend Developers. It states it is pro-developers from the United States, decentralized finance builders, and crypto software engineers.
One of the issues the group is pressing for is inclusion of protections for developers in the CLARITY Act. Recently, this topic has reportedly become a major point of contention between Republicans and Democrats.
Further, former national security officials are also becoming more supportive of the bill. Recently, the Blockchain Association sent a letter to Senate Majority Leader John Thune and Senate Democratic Leader Chuck Schumer to advance the CLARITY Act. It was signed by 160 former intelligence, defense and law enforcement officials in favor of moving the bill forward.
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