CLARITY Act Not 'Dead,' Sen. John Kennedy Says, May Be Delayed to Lame-Duck Session

On September 16, U.S. Senator John Kennedy said he was not surprised that the CLARITY Act failed to pass the Senate vote, but believes the bill is not a total failure. He noted that Democratic lawmakers also recognize the U.S. needs a cryptocurrency market structure regulatory framework that "looks like it was carefully designed," but related legislation may be pushed to the congressional lame-duck session.

Republican Senator Ted Cruz, citing a classic line from the film "The Princess Bride," said: "There's a big difference between 'dead' and 'mostly dead.' I hope it can come back to life." Cruz blamed Democrats for the bill's setback, saying they "brought politics into it," and warned this could drive the crypto industry and related jobs overseas.

BlockBeats Note: A "lame-duck session" refers to the transitional period after the U.S. election and before the new Congress officially takes office. At this time, some lawmakers may have lost their races or are confirmed to be leaving office, but still retain their current powers, so Congress can continue to deliberate and vote on legislation. Since the power structure of the new and old Congresses is already determined, this period is typically seen as a window to handle unfinished legislation, budgets, and other key issues. Therefore, some bills that failed to pass during the regular session may be revived during the lame-duck session.

[BlockBeats]