Hill Seeks Bipartisan Support for Crypto Bill Before Midterms

US Representative French Hill emphasized the importance of bipartisan support to pass the Clarity Act, a long-awaited crypto market structure bill. The bill aims to clarify which digital assets are securities, commodities or stablecoins and divide oversight between regulators.

Hill stated that Democrats and Republicans have made progress in narrowing their differences on the legislation, with the House Financial Services Chairman expressing hope for a vote by September 15. The Clarity Act was first introduced last year and passed the House of Representatives in July, but it has been stalled due to disagreements over an ethics provision.

The bill seeks to establish clear regulations for the crypto industry, which has long called for such rules. Hill noted that the issue is not just about passing a law, but also about ensuring America leads the world in distributed ledger technology and financial services.