US Senate Postpones CLARITY Act Vote to September

The US Senate has postponed the vote on the CLARITY Act, which pertains to the cryptocurrency market, until September. This indicates that regulatory uncertainty in the decentralized finance sector will continue. Maylea Ma, Senior Legal Advisor at 1inch, highlighted provisions in the bill that affect software developers and non-custodial services. Ma noted that a federal framework could provide more clarity than the current administrative comments. She emphasized that the CLARITY Act text includes certain assurances for non-custodial software developers. Additionally, she pointed out regulations under the Blockchain Regulatory Certainty Act. This distinction is critically important for DeFi services that do not hold user funds. Ma expressed that previous amendments in the Senate narrowed the scope of some protections. She stressed that the language in the final text will be decisive and that the boundary between developers and financial intermediaries must be maintained. Ma stated that a flawed legislative proposal could be better than having no law at all. The rejection of the bill does not automatically imply that a better alternative will emerge. A cloture vote requiring 60 votes is scheduled for September 15.

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