Senate Vote Looms for CLARITY Act: What It Means for Crypto Traders

The U.S. Senate is set to vote on the CLARITY Act on September 15, which could shape how digital assets are regulated in the country.

If passed, the bill would establish a federal framework that decides which digital assets are commodities or securities and which regulatory body has jurisdiction over them.

The bill would also protect customers' digital commodities and related assets if a firm goes bankrupt, and stop brokers and dealers from treating those assets as their own.

Furthermore, the Keep Your Coins Act, a proposed section in the bill, would provide explicit federal protection for users to hold their own digital assets in self-custody wallets, as long as it's for lawful purposes.