Senate Majority Tightens After Graham’s Death, Raising Hurdles for Updated CLARITY Act

The U.S. Senate has returned to session this week, and an updated text of the CLARITY Act is expected to be released this week. According to Foresight News, the bill’s path has become more difficult after South Carolina Republican Sen. Lindsey Graham died suddenly on July 12 and Sen. Mitch McConnell has remained absent due to illness, narrowing Republicans’ majority advantage in the Senate. The developments are increasing pressure on the legislation as it faces the 60-vote threshold needed for passage. Galaxy Digital research head Alex Thorn previously lowered his estimate of the bill’s chances of passing this year to 50% and said the next four weeks represent the final window for the bill to pass in the current Congress. The report said negotiations over ethics provisions have not yet reached agreement with the White House, and the final form of provisions related to regulatory certainty for blockchain remains unclear.