Senate Votes Looming on Crypto Bill as CLARITY Act Advances

The U.S. Senate is preparing to vote on the Digital Asset Market Clarity Act (CLARITY Act) on September 15, a major step towards establishing a regulatory framework for digital commodities.

The bill, which was previously passed by the House with a 294-134 margin, would assign roles to the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC) in regulating digital assets.

Under the proposed legislation, H.R. 3633 would establish requirements for trade monitoring, recordkeeping, customer asset commingling, alternative trading systems, and provisional registration.

The Senate Banking Committee advanced the bill by a 15-9 vote on May 14, sending it towards full Senate consideration.