Scott Pushes for Clarity Act Passage Amid Regulatory Uncertainty

U.S. Senate Banking Committee Chairman Tim Scott has announced his intention to push for passage of the Clarity Act, a bill aimed at creating a regulatory framework for the U.S. cryptocurrency market.

The Clarity Act is a joint proposal between the Senate Banking Committee and the Agriculture Committee, with its core being a regulatory framework for cryptocurrencies and digital commodities in the United States.

Scott stated that the Clarity Act will 'protect Americans' assets,' give entrepreneurs a fair shot,' and 'build businesses and create jobs.'

The bill's sponsor, Senator Cynthia Lummis, released a revised draft of the Clarity Act on July 23 local time, which she described as the result of cooperation between the two committees.