Senate Votes on Clarity Act Cryptocurrency Regulation Bill
The US Senate is set to hold a procedural vote on Tuesday to pass the Clarity Act, a bill aimed at establishing a framework for regulating the cryptocurrency industry. The updated legislation includes new ethics language that bars public officials from issuing or sponsoring digital assets.
Senate Republicans released the revised version of the bill on Sunday, and Sen. Cynthia Lummis said it's 'ready' to be passed after a year of bipartisan negotiations. She emphasized the importance of giving law enforcement the tools they need to address illicit finance and protect consumers.
The new language allows the Justice Department or state attorneys general to enforce the provision. However, some Democrats have expressed concerns about the bill, with Sen. Chris Van Hollen stating that it 'has some big problems' that haven't been fixed.