Senate Vote Looms for Crypto Transparency Act Next Week

The US Senate may vote on the Crypto Transparency Act next week, according to SEC member Hester Peirce. The bill aims to define regulatory responsibilities over digital assets between the SEC and the Commodity Futures Commission (CFTC).

After passing the House of Representatives and being approved by the Senate Banking Committee, the law needs 60 votes in the Senate to move forward. If it clears this hurdle, further steps would be required before it becomes law.

The law specifically targets how digital assets are classified and which regulatory body has jurisdiction over which asset type. However, progress on the law has stalled due to unresolved issues such as ethical provisions and stablecoin yield rules.