Bitcoin is moving sideways in the $64,000 range as action on the U.S. crypto market structure law (Crypto Clarity Act) is delayed.
According to CoinMarketCap on the 7th, as of 8:40 a.m. that day, the price per bitcoin was $64,186, down 0.69% from 24 hours earlier. At the same time, Ethereum, the leading altcoin (Altcoin, all crypto assets except bitcoin), was $1,899, down 0.41% from the previous day.
The U.S. Senate is set to begin its summer recess from the 10th through Aug. 11. In effect, this week is the last window to bring the Clarity Act to the floor before recess. But the bill still has not been placed on the Senate schedule.
The parties have failed to narrow differences over ethics provisions that would limit involvement of senior officials in crypto asset businesses and whether to allow interest payments on stablecoins. After the summer recess, budget deliberations and the November midterm election schedule are set, raising the possibility that the Clarity Act will be pushed down the legislative priority list.