Senate Vote Looms for Controversial Crypto Regulation Bill CLARITY Act

The US Senate is set to vote on the CLARITY Act on September 15, a bill aimed at regulating the cryptocurrency market. Industry participants are growing increasingly pessimistic about its chances of passing this year.

The legislation would divide oversight between the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC). It would also establish registration requirements for companies and anti-money laundering rules.

However, two key issues are holding up the bill: allowing interest on stablecoins and ethics provisions related to President Donald Trump's and his family's crypto businesses.

According to CNBC, industry executive John Darsie is 'somewhat pessimistic' about the bill's prospects. Former New York Governor Andrew Cuomo warned that if the CLARITY Act fails to pass before the midterms, regulatory conflict could persist for a prolonged period.