Time's Running Out for Crypto Clarity

The crypto market structure bill has seen minimal public progress over the past month, and while predicting its outcome is challenging, it's clear that time is of the essence for its passage. This is the State of Crypto newsletter, exploring the intersection of cryptocurrency and government - sign up for future editions here. The proposed bill has stalled, and with Memorial Day approaching, the timeline for passage is becoming increasingly tight. Much of the recent activity around market structure issues, such as SEC staff statements, is not permanent guidance and could be reversed by a future administration. The crypto industry is eager for the Clarity Act to become law, with over 100 organizations signing an open letter urging the Senate Banking Committee to move forward. However, several issues, including stablecoin yield, remain unresolved. Even if these are addressed, the House will need to vote on the bill again. Congressman French Hill believes that many of the outstanding issues have already been resolved by the House in its version of the bill, and the Senate should be able to find common ground. The future of the Clarity Act will be discussed at Consensus Miami next month.