Senate Clears Path for CLARITY Act Vote Amid Crypto Regulatory Hopes
The Senate has advanced the CLARITY Act, paving the way for a key procedural vote when it returns from recess in September. The bill aims to provide a federal rulebook for cryptocurrencies, defining whether tokens are securities or commodities and who regulates them.
Coinbase CEO Brian Armstrong has been a strong supporter of the bill, stating that 70% of Americans want clear crypto rules. This sentiment may be influential, as Senate Majority Leader John Thune's move to advance the bill suggests GOP leaders believe they have enough support for passage.
The CLARITY Act still requires 60 votes to pass, with all voting Republicans plus at least seven Democrats needed for approval. Many Democrats oppose the bill, citing concerns over consumer protection and national security. Sen. Elizabeth Warren has criticized the bill as 'industry-written legislation' that favors crypto firms over other interests.