What’s The Way Forward For CLARITY After Recent Markup?

• The Clarity Act passed out of the Senate Banking Committee to the upper legislative chamber’s floor last week.
• Despite the victory, analysts believe it is not yet a conclusive win, with many drawing up permutations about the events that would follow.

Grewal Says Bipartisan Cooperation Needed for Crypto Bill

Coinbase Chief Legal Officer shared his thoughts on the CLARITY Act’s progression, hinting at the potential for a filibuster. According to him, the bill needs at least 60 votes to rule out the possibility of another such delay. 

Also, he pointed out that a lot depends on successfully reconciling the markup language with the markup that came out of the Senate Agriculture Committee. Then, following this reconciled version, will be the floor vote.

The Coinbase executive cautioned that there could be a lot of intense debate at each step of the process. Besides ongoing issues such as developer protection and ethics, Grewal warns that Democrats could reawaken debates on issues that have already seemingly been settled. 

He further stressed the need for the entire crypto industry and its critics to work together where necessary to find a common ground on the outstanding issues so as to pass the “long overdue” legislation within the next few weeks.

Analysts Split on CLARITY Act Timeline

Gemini, however, was more assertive about a floor vote on CLARITY within the next 30 days. Meanwhile, Crypto in America’s Eleanor Terrett stated that Gemini’s timeline is “possible but far from certain,” noting that CLARITY will also compete with other high-priority bills for congressional attention and scheduling. 

While most crypto supporters are optimistic about the bill’s prospects on the floor within the next month, many still argue that it is extremely optimistic to expect the legislation to pass on the first attempt without any changes, considering the complexity of the arguments surrounding it and the resolve of the opposition to substantiate their stance.

A particular commenter stated that the bill’s failure to pass before Independence Day (4th of July) could send it to limbo. After the said date, the Senate has only 15 days to sit within July, followed by the August recess, which will pause all legislative activities till the 14th of September. 

Given the intensity of the efforts expected to advance the legislation, not expediting its passage before the August recess could drastically reduce its chances of passing this year.

TuongVy Le, General Counsel of on-chain vault provider Veda Labs, has described CLARITY as not another crypto bill, but a “market modernization bill” that will “bring our financial markets into the 21st century.”

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