Clarity Act Bill May Be Reconsidered by Mid-2024

Kevin O'Rielly stated that there is a possibility the U.S. Congress will reconsider the Market Structure Bill, known as the Clarity Act (CLARITY Act), by the second quarter of next year. This comes amid growing pressure to advance market structure legislation following progress on digital asset tax bills.

CryptoScoops cited Kevin O'Rielly's remarks, reporting that Congress could revisit the Clarity Act bill before Q2 2024. The Clarity Act is a market structure bill aimed at clarifying jurisdiction between the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) in the virtual asset market.

Earlier this week, the U.S. House Ways and Means Committee passed the Digital Asset Tax Certainty Act 38-5 on the 16th. Meanwhile, the Senate failed to secure enough votes for the Clarity Act's first procedural vote on the 15th.