Senate to Vote on Crypto CLARITY Act Amid Fed Rate Hike Decision
The US Senate is scheduled to vote on the Digital Asset Market Clarity Act (CLARITY Act) on Tuesday, amid increased pressure from a potential Federal Reserve interest rate hike decision on Wednesday.
Circle, a company with significant reserve income, could see its revenue affected by the Fed's decision. The company recently reported $667 million in reserve income earning a 3.5% interest rate in its second-quarter financials.
The CLARITY Act aims to address unresolved issues involving stablecoins, rewards, officials' ethics, crypto assets, decentralized finance liability, and anti-money laundering rules.
Majority Leader John Thune filed cloture on the motion in August, and the Senate Banking Committee previously passed a related bill with bipartisan support. However, key regulatory questions remain unanswered.