CLARITY Act Odds Plummet Amid Ethics Debate
The updated draft of the CLARITY Act has been released by senators, sparking fresh debate as lawmakers seek to secure 60 votes before the August recess. The bill aims to create a federal market structure for digital assets.
The latest version combines work from Senate Banking and Agriculture committees while adding revised ethics language. Republican lawmakers argue that the proposal would give consumers, businesses, and markets clearer rules for crypto trading and digital commodities.
Senator Cynthia Lummis stated, 'The U.S. has always been at the forefront of financial innovation.' She added that the coming weeks may be the last real chance for years to pass the bill.
However, Democrats have raised concerns over ethics, consumer protection, illicit finance, conflicts of interest, and market integrity in the current text. They said they will continue talks but want stronger provisions before backing the bill.