Senate Sees Path To Passing Cryptocurrency Regulation Bill
A congressional push to pass the CLARITY Act is gaining momentum, according to Arkansas Congressman French Hill. The bill aims to provide regulatory clarity for the cryptocurrency industry by placing all crypto firms under US commodity, securities, and banking regulators.
Hill, who chairs the House Financial Services Committee, believes Senate Majority Leader John Thune has enough votes to pass the bill on September 15 at 3 p.m. The House already passed its version of the CLARITY Act last summer with 78 Democratic votes. Since then, Senate committees have spent a year reconciling differences.
The sticking point remains an ethics provision addressing potential conflicts of interest tied to crypto ventures. Hill argues that passing the bill would deliver regulatory clarity and boost adoption and market confidence. He notes that the remaining issue can be resolved through passage, which would subject all crypto businesses to full regulatory scrutiny from US regulators.