CLARITY Act Faces Uncertain Path After Senate Delay

The Senate Banking Committee delayed a vote on cryptocurrency market structure legislation amid growing industry resistance.

The long-anticipated bill was postponed Wednesday night after a late policy debate, following prominent industry figures’ withdrawal of support for the CLARITY Act, prompting the committee to halt proceedings.

The road to getting the CLARITY Act to the Senate has been one of great turbulence. Set for a vote by the Senate Banking Committee on Thursday, the bill has been delayed once again. 

After an initial release of the 278-page bipartisan proposal on Monday, the bill has received significant pushback. On Wednesday, Coinbase CEO Brian Armstrong announced that the company could no longer support the bill’s current version.

Armstrong argued that the draft “breaks key parts of market structure” and creates risks for tokenized equities, DeFi, stablecoins, and open crypto markets.