Clarity Act Set for Senate Vote as SEC Eyes Crypto Industry

SEC Chairman Paul Atkins expects the Clarity Act to pass by the end of this month, putting the U.S. on track to become the 'crypto capital of the world'. The bill aims to establish a framework for distinguishing between digital assets that are securities, commodities or stablecoins.

The SEC has been working with other regulators to shape crypto policy, despite delays in passing the Clarity Act. Despite being passed by the House of Representatives last year, the bill stalled after the banking lobby clashed with lawmakers and crypto businesses over whether platforms like Coinbase should be able to pay customers yield.

Last week, the SEC sent a proposal to the White House aiming to 'clarify the framework for the custody of crypto assets' for investment advisers and companies. The Clarity Act will be voted on in the Senate on September 15th, and if passed, it will go to the President's desk for a signature.