Coinbase Pushes for Passage of CLARITY Act as Senate Recess Looms

Coinbase has launched a new advertising campaign to urge the US Congress to pass the CLARITY Act, a cryptocurrency market structure bill. The bill aims to provide clarity on how cryptocurrencies are taxed and regulated in the US.

The campaign comes as prospects for advancing the measure before the Senate's August recess have dimmed. According to Cointelegraph, the Senate voting schedule released on August 3 did not include the CLARITY Act, making it unlikely that the full chamber will take up the bill before its recess on August 10.

The lack of clarity on cryptocurrency regulations has been a concern for many in the industry. The CLARITY Act aims to address this issue and provide a clearer framework for how cryptocurrencies are taxed and regulated.