The Clarity Act won’t be signed by the US Senate this year — and it’s all the Democrats’ fault.
Tim Scott, a Republican Senator for South Carolina and the chair of the Senate Banking Committee, made that argument in an interview with Fox Business on Wednesday.
“The Democrats have been stalling and stalling and stalling because they don’t want President Trump to make America the crypto capital of the world,” Scott said. He added that he hopes the highly anticipated crypto market structure bill can be put to a vote in the Senate early next year.
Scott has been instrumental in making crypto legislation a key priority during US President Donald Trump’s second term in office.
The setback is another blow for the Republican Senator, who first predicted the bill would be signed into law by August, and most recently vowed to get the bill passed before September 30.
The Clarity Act aims to establish a regulatory framework for crypto by defining categories of assets and assigning them to regulatory agencies.
Its main goals are to close regulatory gaps, define rules for market participants, and provide clear pathways for crypto development and trading.
It follows the Genius Act, which Trump signed into law in July. Unlike the Genius Act, which limited its scope to crypto stablecoins, the Clarity Act is more wide-reaching.
As such, it is proving more difficult for legislators to agree on its contents.