Crypto Clarity Act Risks More Delay As Recess Looms

Bitcoin Magazine Crypto Clarity Act Risks More Delay As Recess Looms The long-awaited crypto Clarity Act may be further delayed as August recess fast approaches.  Despite optimism last week from top crypto companies — like Coinbase — and backing from top financial institutions, lawmakers appear to be prioritizing other bills to vote on before their five-week break starting Thursday or Friday.  Democratic Senator Elizabeth Warren was even quoted saying in a Sunday Punchbowl News report that “more people in the Senate are beginning to question crypto’s electoral invincibility.”  Pro-crypto Republicans, such as Senator Cynthia Lummis, have blasted Democrats for deliberately holding back the bill after members of the party said that the current bill falls short.

Crypto critic Warren has claimed that the bill will allow criminals and cartels to move money and further enrich President Donald Trump — despite the proposed law banning government promotion of crypto.  The Clarity Act, which was passed last year by the House of Representatives with support from both parties but has been in a deadlock this year, will set in stone digital asset regulation in the U.S.  A new bill draft started circulating in July addressing concerns around ethics.

The language would ban government officials and their families from issuing or promoting crypto.  The bill has stalled this year as the banking lobby...