US Congress Set to Vote on Clarity Act Amid Bipartisan Cooperation

The U.S. Congress is set to vote on the Clarity Act on September 15, which aims to provide clarity and regulatory framework for cryptocurrencies in the country.

Representative French Hill stated that bipartisan cooperation is necessary for the bill's passage before the midterm elections. Hill noted that both Democrats and Republicans have been narrowing their differences over drafting the bill.

The Clarity Act classifies digital assets into securities, commodities, and stablecoins and divides supervisory authority among regulators. The House passed the bill in July last year but its progress has been delayed due to a conflict of interest over paying returns to customers holding stablecoins.

Hill identified the ethics provision as the remaining key issue, which includes a ban on government officials promoting or profiting from cryptocurrencies. He emphasized that if the bill passes, it will place individuals, including the Trump family, under the supervisory framework of commodities, securities, and banking regulators.