CLARITY Act Faces Last-Minute Tweaks Amid Senate Voting Deadline
US Senate Seeks Changes to Crypto Regulatory Bill Amid Voting Deadline
The US Senate is racing against time to pass a comprehensive cryptocurrency market structure bill, with only days left before it breaks for a month-long recess. According to a report by Politico, organizations representing law enforcement officials have proposed changes to the Digital Asset Market Clarity (CLARITY) Act, which would shift regulatory authority over digital assets from the Securities and Exchange Commission (SEC) to the Commodity Futures Trading Commission (CFTC).
The National Association of Assistant US Attorneys and the National District Attorneys Association sent a letter to the White House requesting changes to the provisions regarding developers in the CLARITY Act. They proposed that guidelines on developers not create, expand, or modify criminal liability under Federal law.
However, White House crypto adviser Patrick Witt dismissed these changes as 'not even close' to the Trump administration's position, implying that it was not a result of productive negotiations. Senator Catherine Cortez Masto has been pushing for the White House to address these issues before any potential vote.