Senate CLARITY Act Vote Looms as Crypto Regulation Takes Center Stage
The US Senate will vote on the Digital Asset Market Clarity Act (CLARITY Act) on September 15, which aims to provide a statutory framework for regulating digital assets. The bill would define federal oversight of digital assets and separate them into securities and commodities.
After months of negotiations, the Senate Banking Committee approved the bill in May by a 15-9 vote. However, it needs 60 votes to advance on the Senate floor.
Democratic critics have expressed concerns about consumer protection, illicit-finance provisions, and conflicts of interest between government officials and their own crypto holdings.
The CLARITY Act would give new authority to the Commodity Futures Trading Commission (CFTC) over commodities markets and require disclosure and protections against evasion. It would also prohibit abusive market trading practices.