With just a few days left until the Senate vote, foreign media quoted Cody Carbone, the CEO of the US Digital Chamber of Commerce, as saying that if the CLARITY bill is not passed, it is highly unlikely that Washington will quickly restart the full legislative process in the short term. A more likely scenario is that regulatory agencies will fill in the gap first.
No immediate remedy from Congress expected in the short term
Carbone indicates that if the bill cannot be advanced within a few weeks before and after the election, the chances of quickly completing remedial actions during the lame-duck session or in the early stages of the next Congress are not high. His judgment is that once the legislative process is interrupted, the subsequent methods of advancement will change significantly.
SEC or proceed with guidance first
According to him, the most direct response may come from the regulatory authorities themselves. Carbone mentioned that the Chairman of the U.S. Securities and Exchange Commission, Paul Atkins, has already sent out relevant signals indicating that even if Congress does not complete the legislation, the regulators may still promote the implementation of some of the goals outlined in the CLARITY bill by issuing guidelines and initiating rule-making processes.
He expects that if the bill is blocked, SEC may introduce an exemption arrangement for innovation as a preliminary measure. This means that in the coming period, the main changes in US crypto regulation may come more from institutional actions rather than new congressional bills.
Some provisions are either incorporated into other bills or...
Carbone also proposed another possibility, which is to separate and process the CLARITY bill. He stated that this bill is not a single, complete legislative text, but rather consists of about 40 to 50 different elements combined together. This structure provides room for subsequent separation of certain clauses, which can then be attached to other bills that must also be passed.
He cited as an example that the U.S. National Defense Authorization Act could become a vehicle for such operations. This act has been passed continuously over the past few decades and is therefore often seen as a potential channel for incorporating additional provisions. However, he is cautious about the likelihood of this approach being successful. In contrast, he believes that the possibility of regulatory agencies advancing independently is higher.
Additional information:According to the text, if the CLARITY legislation fails to pass by September 15th, the implementation of crypto regulations in the United States over the next two years may be primarily led by federal agencies through rule-making.
