The cryptocurrency industry is facing uncertainty ahead of the Senate vote on the CLARITY Act on September 15 (local time), CNBC reported. CNBC explained, “The CLARITY Act aims to establish a regulatory framework for the cryptocurrency market and delineate the oversight authority between the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC). It also includes requirements for business registration and anti-money laundering (AML) regulations. However, within the industry, there is a growing sentiment that the bill is unlikely to pass this year. The bill's original schedule was disrupted when the Senate failed to hold a vote before its August recess. Current points of contention include regulations allowing interest on stablecoins and ethical provisions related to President Trump and his family's cryptocurrency businesses.” John D'Agostino, CEO of SALT, said at the Wyoming Blockchain Symposium last month, "Personally, I am somewhat pessimistic about the passage of the CLARITY Act," adding, "It is unlikely that the bill will pass during a period leading up to the midterm elections." Former New York Governor Andrew Cuomo warned, "If the CLARITY Act does not pass before the midterm elections and the Democratic Party gains control of the House, regulatory conflicts between Congress and the administration could continue for a long time."
