Clarity Act Pulled From Senate Schedule Next Week

The much awaited U.S. crypto bill, known as the CLARITY Act, has hit a fresh delay. Lawmakers have removed it from next week’s Senate schedule. It is raising new doubts about its future. 

Tim Scott, who leads the Senate Banking Committee, has not placed the bill on the agenda for the week of April 20. This means the bill will not move forward as quickly as many expected. While Thom Tillis is expected to release the final draft soon. But even after that, the process still has several steps left.

Final Draft Coming, But Timeline Slips

The release of the final draft is an important step. It will include the latest changes and compromises made between lawmakers and industry players. However, timing is now a big concern.  If the Senate does not schedule a “markup” session soon, the bill could lose momentum. A markup is when lawmakers review and amend the bill before moving it forward. Without this step, progress slows down. Also, in politics, delays can often lead to bills being dropped entirely.

Key Debate Around Stablecoins

One major issue in the bill is how it handles stablecoins. The latest version includes a compromise. It bans passive earnings, like simple interest on stablecoins. But it allows rewards tied to user activity. This change has divided opinions.

Crypto companies like Coinbase now support the bill after earlier concerns. But many traditional banks still oppose it. They worry about risks linked to stablecoins and how they may affect the financial system. With this, the bill still faces pushback from powerful groups.

Many Hurdles Still Ahead

Even if the bill clears the Senate Banking Committee. The journey is far from over. First, it must align with another group, the Senate Agriculture Committee. This step is needed because crypto rules often overlap with different regulators.

Next, the bill must pass a full Senate vote. It needs at least 60 votes. That means it must gain support from both parties. After that, lawmakers must match it with the House version. Only then can it become law. Each step adds more uncertainty.

Midterm Politics Could Derail It

The biggest risk right now is time. If the bill does not move soon, upcoming elections could slow things down even more. During election season, lawmakers often focus less on complex bills. Also, even a small issue could stop progress. One disagreement, one delay, or one objection could push the bill off track. In simple terms, the Clarity Act is not dead yet. But it is clearly facing a tough path ahead. The next few weeks will be very important.

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