Clarity Act Cryptocurrency Legislation Faces Uncertain Senate Vote
The US Senate is set to vote on Tuesday on whether to advance landmark cryptocurrency legislation known as the Clarity Act, which would create a regulatory framework for digital assets. The bill has been widely supported by the crypto industry, but it remains unclear if it can garner the necessary 60 votes to advance.
Senate Republicans released a new text of the bill on Sunday in an effort to address concerns from the banking industry and some Democrats. The revised version gives state attorneys general more power to enforce restrictions on public officeholders profiting off their own crypto ventures, including US President Donald Trump's meme coin and World Liberty Financial.
The crypto market had mostly priced in that the bill would not be passed into law in the foreseeable future, according to Reuters. Even if it passes, investors and analysts warn that another delay would still be negative for the market.