Time Runs Out for Clarity on Crypto Legislation

As April draws to a close, the crypto market structure bill has seen little progress. While it's challenging to predict the bill's fate, it's clear that time is running out for its passage. The crypto industry is eagerly awaiting the bill, which aims to cement regulations into law, making it harder for future administrations to reverse them. Without the Clarity Act, the industry may face similar conversations in the future. The Memorial Day deadline, May 25, is looming, and lawmakers will soon be distracted by their campaigns, leaving little time for the bill. Before Congress breaks, they will need to address funding for the Department of Homeland Security and the potential appointment of Kevin Warsh as the next Fed chair. The crypto industry is pushing for the bill, with over 100 companies signing an open letter urging a markup hearing in the Senate Banking Committee. However, it's unclear when the committee will move forward, and even if they do, the House will need to vote on the bill again. Congressman French Hill believes that the Senate can find common ground, given the House's work on the issue. The topic will be discussed further at Consensus Miami next month.