CLARITY Act Senate Vote Crucial for US Crypto Market Rules
The CLARITY Act is up for a crucial vote in the Senate on September 15, which could determine the future of US crypto market rules. If it passes, the bill would establish criteria for distinguishing digital assets as securities versus commodities and clarify which regulator oversees which market.
Senator Cynthia Lummis has warned that if the CLARITY Act fails to pass in this Congress, the next realistic opportunity to advance crypto market-structure legislation will not arrive until 2030. This would result in wasted years of jobs, investment, and tax revenue, according to Lummis.
The bill has been stalled in the Senate for over a year since passing the House of Representatives in July last year. Unresolved issues include ethics provisions that Democrats are demanding as a precondition for support, alongside law-enforcement and market-integrity language that remains contested.