We last blogged about the Clarity Act back in June. It would be significant for the crypto industry as well as the SEC – among other things, it would establish the SEC’s role in regulating digital assets alongside the CFTC.

The legislation was on the verge of advancing earlier this month, but it fell apart at the 11th hour. This CoinDesk article says that people think the bill will still move forward eventually, but it could be a few months:

One of the individuals following the process said they would not be concerned if the Banking Committee still passed its version of the bill by Memorial Day in late March, and the overall Senate passed the legislation by around July 4. This timeline would still give the House of Representatives enough time to pass the legislation in September or during the lame duck session after this year’s midterm election.

In this blog, the team at Baker McKenzie explains the impact of the delay:

For lawmakers, the choice is unenviable: advance a bill that alienates influential market participants, or delay reform and accept continued regulatory uncertainty. For regulators, the vacuum reinforces reliance on discretionary enforcement and informal guidance. And for courts, it ensures that crypto law will continue to develop incrementally through litigation rather than comprehensive statute.

The Senate Agriculture Committee had been scheduled to vote yesterday on whether an updated version of the CFTC portions of the bill should move forward – but they bumped it to tomorrow due to the snow storm. The vote is now on tap for tomorrow – you can watch the hearing here. This article gives more color on the status of negotiations.

– Liz Dunshee