Senate Set to Vote on Clarity Act, Bitcoin Price Surges

The U.S. Senate is set to vote on the Clarity Act on September 15, a bill aimed at establishing a regulatory framework for cryptocurrencies and clarifying gray areas in existing laws.

Despite initial doubts about its passage due to time constraints before the midterm elections, pressure from President Donald Trump has led to the scheduling of a cloture vote, which would end debate and filibuster on the bill.

Coinbase CEO Brian Armstrong believes the Clarity Act will pass, stating that 'He (Sen. Majority Leader John Thune) would not have scheduled this on Sept. 15 if he didn't think it would pass.'

The bill defines what a 'mature blockchain' is and gives the Commodity Futures Trading Commission (CFTC) exclusive jurisdiction over spot markets of digital commodities, while also addressing stablecoins and their rewards.