The chances of the United States Senate voting this week to end debate on the Clarity Act are diminishing, according to an update released by Eleanor Terrett this Tuesday.
According to the journalist, Senate Majority Leader John Thune would still need to file the motion to end debate today for a vote to take place on Thursday.
However, people involved in the process expect the sanctions proposal against Russia and Iran to take priority on the Senate agenda, reducing the chances of progress for the cryptocurrency bill.
As a result, the sector's attention is now turning to next week. Terrett said that market representatives consider it "imperative" that the leadership at least begin the process of ending debate before the August recess.
The procedure is a necessary step to limit debate and clear the way for a vote. Without the start of this process, the Clarity Act could miss an important opportunity in the legislative calendar.
The update comes just days after the bill faced difficulties finding space on the Senate agenda. Now, the deadline before the recess becomes even more relevant for the legislation that seeks to establish rules for the cryptocurrency market in the United States.
The expectation, therefore, is now for a possible move by Thune next week. For industry representatives, beginning the process before the parliamentary break will be essential to keep the Clarity Act on track for a possible vote.
