Senate won't vote on crypto Clarity Act before its summer break

Key Points:

• The U.S. Senate will not vote on the crypto market structure bill, known as the Digital Asset Market Clarity Act, before its August recess, but a vote is expected in September when the Senate returns to Washington, D.C.
• The delay is due to unresolved political issues, including disagreements over an ethics provision related to former President Trump, with Senate Democrats opposing a vote before the midterm elections and some Republicans also expressing concerns.
• Despite bipartisan committee approvals, the bill still faces challenges securing the 60 votes needed for passage, as some Republican senators publicly oppose it and Democrats seek stricter ethics provisions.
• Other outstanding issues include provisions from the Agriculture Committee, law enforcement concerns, and discussions around stablecoin yield and rewards.
• Senate Majority Leader John Thune plans to prioritize the bill upon return, with the first procedural vote potentially occurring as early as September 15 or 16, depending on when cloture is filed.