Senate Advances Clarity Act as Key Vote Looms
Senate Majority Leader John Thune has advanced the Clarity Act, a major cryptocurrency regulatory bill, according to a report from Reuters. The move sets up a key vote for when the Senate returns from its August recess in mid-September.
The legislation would establish the first comprehensive federal regulatory framework for the crypto industry, defining when digital tokens are classified as securities or commodities and which regulators have oversight authority.
Crypto companies argue that the act is essential for providing legal clarity and could encourage broader adoption of cryptocurrencies. However, banks have opposed the bill, seeking to limit provisions that would allow crypto companies to compete for bank deposits by offering rewards on customer stablecoin holdings.
Passage of the bill would mark a second major crypto policy win for President Donald Trump, following his signing of a stablecoin law last year. Democrats have raised concerns about potential conflicts of interest due to Trump's family's own crypto profits.