U.S. Senate Vote Looms for CLARITY Act
The U.S. Senate is set to vote on the Digital Asset Market Clarity Act on September 15, which aims to establish a clearer federal framework for digital assets by defining how different tokens are treated and which regulators have responsibility for overseeing them.
The legislation has been in development since May, when it was advanced by the Senate Banking Committee with a 15-9 vote. Supporters of the bill argue that it will provide greater clarity around the respective roles of the Securities and Exchange Commission and the Commodity Futures Trading Commission, potentially reducing some of the uncertainty that has accompanied token issuance and secondary-market trading.
The CLARITY Act covers more than just the legal classification of digital assets, including provisions addressing anti-money-laundering requirements, fundraising exemptions, stablecoin rewards, decentralized finance, and the obligations of digital commodity exchanges, brokers, and dealers.