CLARITY Act Passage Plan Stands Firm with Steil Optimistic Despite Shutdown

TLDR

• Steil confirmed that Republicans aim to pass the CLARITY Act by 2026.
• The ongoing government shutdown has delayed the Senate’s action on the bill.
• House passed the CLARITY Act in July, but Senate delays are creating uncertainty.
• Steil is hopeful that Senate will adopt the House text for faster passage.

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Despite the ongoing U.S. government shutdown, Republican lawmakers are maintaining their timeline for the passage of the CLARITY Act. Wisconsin Representative Bryan Steil, a key cosponsor of the crypto market structure bill, emphasized that the goal remains to pass the legislation before 2026.

Steil reiterated the importance of regulatory clarity for the digital asset industry, stating that, although the shutdown complicates the legislative process, the plan to pass the bill by the end of this year is still intact. This continued optimism comes amidst growing concerns within the industry about potential delays due to the government’s inability to resolve funding issues.

Challenges Amidst Shutdown

The current government shutdown entered its eighth day on Wednesday, exacerbating challenges for lawmakers trying to push forward important legislation. While the House passed its version of the CLARITY Act in July as part of a broader effort to establish clear guidelines for the cryptocurrency market, the bill has faced delays in the Senate. The shutdown has slowed down federal operations and delayed the process further.

Steil, speaking in a CNBC interview, remained hopeful about the timing. He stressed that even with the shutdown in full swing, the Senate could still make significant progress. However, the path forward depends on the Senate’s willingness to adopt the House’s version of the bill as the base text. Should that happen, Steil expressed confidence that the legislation could still be signed into law by the end of 2023.

The Senate’s Role in the CLARITY Act’s Future

Senator Cynthia Lummis, another Republican pushing for the bill’s passage, had previously indicated that the Senate Banking Committee aimed to vote on legislation built around the CLARITY Act by September. However, the Senate’s involvement has been delayed due to the shutdown, causing further uncertainty about the timeline.

The original goal of Republicans was to have the Senate version of the CLARITY Act passed and signed into law by 2026. Despite the ongoing legislative gridlock caused by the shutdown, Lummis and other Senate leaders have pledged to continue efforts to provide the digital asset industry with the regulatory clarity it needs.

As it stands, the CLARITY Act is a crucial piece of legislation aimed at establishing a clear framework for crypto markets, a goal that has been gaining increasing attention from lawmakers on both sides of the aisle. However, with the shutdown continuing, the industry’s stakeholders remain on edge, concerned that delays could affect their ability to operate under clearer regulatory standards.

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