Coming off its Fourth of July break, Congress returns to Washington next week ready to take up ambitious cryptocurrency legislation before the midterm election calendar takes over.
Almost a year after the House passed its version of that bill, called the Clarity Act, it's the Senate's turn to pass legislation. The Senate Banking Committee and the Senate Agriculture Committee passed their respective versions this past year, and legislative counsel are in the process of combining those, a crypto industry source told The Block.
Two sources who spoke with The Block said that the text could come out as soon as next week.
The timeline is tight. The Senate has the remainder of July and the first week of August to bring the legislation to the floor. If the chamber approves the bill, it would still need another vote in the House, which is scheduled to begin its August recess at the end of July. Once lawmakers leave Washington, focus is expected to quickly turn to the November midterm elections.
Hurdles
