US Cryptocurrency Bill Moves Forward After Months of Deadlock
A US bill aimed at regulating cryptocurrency companies is moving forward after months of deadlock. The CLARITY Act, or Digital Asset Market Clarity Act, would divide oversight between the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC).
President Donald Trump had previously blocked the bill due to concerns about its impact on his financial disclosures, which show he has earned between $1.4 billion and $2.2 billion from cryptocurrency-related activities.
However, after months of negotiations, Trump has agreed to new ethics provisions, including requirements for federal officials and their spouses to sell significant cryptocurrency holdings or place them in a blind trust.
The bill now requires 60 votes in the Senate, with at least seven Democrats expected to support it. If passed, it would require exchanges, custodians, and brokers to register as crypto-asset service providers, while stablecoins would face strict requirements.