As is known, following the GENIUS bill, the US Congress is continuing its work to approve the Clarity Act, another important law regulating the structure of the cryptocurrency market.
However, progress in the Senate stalled due to disagreements over stablecoin yields. While the Senate Agriculture Committee had advanced the draft, the Banking Committee halted the process due to disagreements over the stablecoin yield provision.
While everyone awaits approval news, the Clarity Act, seen as one of the biggest steps taken by the US towards regulating cryptocurrencies, continues to face difficult times.
The Clarity Act faced another hurdle after President Donald Trump said he might not sign any other legislation until the SAVE America Act was passed.
Speaking at a conference of Republican congressional members in Florida, President Trump argued that the “America Rescue Act” was Congress’s most important legislative task and stated that he might not sign any other legislation until the bill passed.
“This bill will guarantee victory in the midterm elections. I may not sign any other bill until this one passes.”
The proposed “Save America Act” aims to introduce new obstacles to voting in the United States, including stricter restrictions on mail-in voting, including identification requirements, demands for proof of citizenship, and expected to dilute voter registration.
Trump’s statements could also affect the Clarity Act, which is supported by the cryptocurrency sector.
If the Senate approves the final bill and the House of Representatives also approves it, it will require the President’s signature to become law. However, uncertainty has increased regarding the passage of the CLARITY Act, given that President Trump has mentioned the possibility of avoiding signing any legislation other than SAVE.
However, Trump and his administration have consistently supported pro-cryptocurrency policies in previous statements and demanded the swift passage of the CLARITY bill.
*This is not investment advice.
