Senate Schedules Procedural Vote on Clarity Act Amid Uncertainty
The US Senate has scheduled a procedural vote on the Clarity Act for September 15, sparking doubts about the bill's prospects in the digital asset market. The legislation aims to establish comprehensive rules for the crypto industry, dividing oversight powers between the SEC and CFTC.
The bill also includes registration requirements and strengthened anti-money laundering measures. However, unresolved issues remain, including stablecoin rewards and ethics provisions related to President Donald Trump's cryptocurrency interests.
Arizona Senator Ruben Gallego is working on a bipartisan compromise for the ethics rules, which must be agreed upon to secure the required 60 votes. Industry representatives are divided on the bill's chances of passing before the midterm elections.