CLARITY Act Could Face 2-Year Delay After Republican Midterm Losses: Analyst

Analyst Ash Crypto said in a Nov. 5 post that the Democratic Party’s takeover of both chambers of Congress could leave the crypto industry waiting at least two years for the CLARITY Act. A September Senate vote on whether to move the legislation forward saw unanimous Democratic opposition, leaving Republicans short of the 60-vote threshold, and Democrats later flipped seven seats in the midterms. With Republicans now needing Democratic support for major pro-crypto bills, the analyst said the act’s prospects depend on negotiations; the September vote was procedural, not a final vote on becoming law. Seven Democratic lawmakers, including Senators Kirsten Gillibrand, Cory Booker, Ruben Gallego and Raphael Warnock, later said they had not abandoned the legislation.