Hill: Senate Has Enough Votes to Pass CLARITY Act

U.S. Congressman French Hill, chair of the House Financial Services Committee and sponsor of the CLARITY Act, believes Senate Majority Leader John Thune has enough votes to pass the bill in a procedural vote on September 15.

Hill noted that the House already passed its version of the CLARITY Act last summer with support from 78 Democrats. Since then, members of the Senate Agriculture and Senate Banking Committees have worked to close the gap between the two parties.

The biggest issue remaining is an ethics provision addressing potential conflicts of interest tied to crypto ventures, according to Hill. He argues that passing the bill would put every crypto business under full regulatory scrutiny from U.S. commodity, securities, and banking regulators, rather than operating in overseas jurisdictions with less clear regulations.