Senate Punts on Major Crypto Bill — With Just 14 Work Days Left, the CLARITY Act May Be Dead on Arrival

WHY IT MATTERS

Think of the CLARITY Act like a rulebook that would finally tell crypto companies which government referee — the SEC or the CFTC — is in charge of overseeing different types of digital assets. Right now, it's like playing a sport where two different referees are blowing their whistles with different rules, and nobody knows which one to listen to. The Senate was supposed to vote on this rulebook in August, but they've decided to skip it. Since midterm elections are coming up, politicians will be focused on campaigning instead of passing laws, which means this rulebook probably won't get written anytime soon. For everyday crypto users and companies, this means the confusing regulatory situation stays as-is, potentially for another year or longer.