White House crypto adviser Patrick Witt responded to Thune‘s remarks in an interview with CoinDesk on Thursday, arguing that the first week in August should still be open for potential Senate action. Witt said he was “perplexed” by Thune’s sentiment and that hes “slightly more optimistic,” though he agreed that the bill is unlikely to get a final vote in July.
“There‘s that first week of August that the Senate is in session,” Witt said in the interview with CoinDesk TV. “So I wouldn’t count it out.”
The midterm congressional elections are in November, and lawmakers are expected to use their summer break to campaign. The House of Representatives and Senate return for about three weeks in September, and if the Senate manages to pass Clarity, the House will still have to follow suit.
Clarity — even more than last years Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act — is the crypto industry first priority in crypto policy, with the hope it finally secures a permanent legal foundation for U.S. crypto activity.
The Senates floor process is a multi-stage affair that can take a few days or even longer to advance legislation past the 60-vote threshold needed in that chamber. At this stage, the crypto bill is hardly guaranteed to muster even a majority, as some Republican senators have also raised concerns with its treatment of stablecoin yield and the language of the government-ethics provision.