Galaxy Digital CEO Mike Novogratz says the Clarity Act still has a path forward ahead of a critical Senate procedural vote on Tuesday, September 15. Negotiators are still working through disputes over government ethics language, a sticking point that could determine whether the bill reaches the floor.
Galaxy Digital CEO Mike Novogratz says the Clarity Act still has a path forward despite months of setbacks. According to Novogratz: "Clarity isn't dead!! Lots of negotiating over the weekend", he wrote on X, adding that his instinct is the bill makes it to the floor.
Novogratz named government ethics language as one of the biggest remaining obstacles to the bill. He said the outcome depends on whether the White House moves on ethics.
Senate vote set for Tuesday
The bill faces a key procedural vote in the Senate on Tuesday, Sept. 15. Patrick Witt, executive director of the President's Digital Assets Advisory Council, struck an upbeat tone on Saturday, calling it a bad day to be a Clarity Act doomer.
Before that, the Senate Banking Committee had already advanced the legislation in May by a bipartisan 15-9 vote. Lawmakers released updated text in July combining work from the Senate Banking and Agriculture committees. They unveiled another revised, roughly 630-page version on Thursday covering decentralized finance and other issues. Several major disputes remain unresolved, including the ethics rules Novogratz flagged.
Clearing Tuesday's hurdle would not finalize the bill, but it would move the Clarity Act toward full Senate consideration and further amendments. Lawmakers face a narrow legislative window before the midterms.
What failure would mean
Lummis, one of the leading architects of U.S. cryptocurrency market structure legislation, said Democratic lawmakers had already secured more than 100 requested changes to the bill. She warned that if the Clarity Act fails, Democrats own what comes next, leaving crypto users without comprehensive federal protections or disclosure requirements.
She added that another realistic opportunity to set market structure rules might not come until 2030.
Source: U.Today
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