WASHINGTON — Senate Republican leaders have postponed an initial vote on landmark cryptocurrency legislation until September as bipartisan negotiations remain stalled over government ethics, law enforcement and commodities provisions, according to Politico.
Senate Majority Leader John Thune (R-SD) confirmed late Thursday that the Senate will not vote on the so-called Clarity Act before lawmakers leave Washington for their August recess.
“The Dems insisted on no Clarity vote,” Thune told reporters, according to Politico. “We’re getting that queued up first thing [when] we come back in September.”
The delay is a setback for supporters of the legislation, which would establish a regulatory framework for digital assets and requires bipartisan support to advance in the Senate. Backers had hoped to secure an initial vote before the recess.
Thune could still file cloture on the legislation, a procedural step that would set up a future vote, but the measure is not expected to reach the Senate floor until lawmakers return to Washington next month, Politico reported, citing two people familiar with the matter.
Dems Decline to Agree on Time Arrangement
Senate Democrats have declined to agree to a time arrangement that would accelerate consideration of several outstanding pieces of legislation and allow the Clarity Act to receive a vote, according to Politico. Democrats have said they want negotiations over the cryptocurrency legislation to continue.
Republican leaders would need unanimous consent from all 100 senators to expedite the remaining legislative business before the recess without keeping senators in Washington into next week.
A bipartisan agreement on the Clarity Act has remained out of reach amid disputes over several provisions.
Democrats have pushed for the inclusion of a government ethics provision addressing concerns about the Trump family’s cryptocurrency businesses. They are also seeking changes in response to concerns raised by law enforcement organizations about a key provision in the legislation, according to Politico.
Democrats are additionally seeking changes to the commodities provisions of the measure that fall under the jurisdiction of the Senate Agriculture Committee.
