US Senate Advances Clarity Act, Potentially Paving Way for Crypto Regulation
US Senate Majority Leader John Thune has moved to advance the Clarity Act, a landmark bill that would create a regulatory framework for cryptocurrencies. The move comes after Thune filed a procedural vote on the bill, which could pave the way for a full floor vote when the Senate returns from its August recess in mid-September.
The Clarity Act aims to provide clarity on whether digital tokens are securities or commodities and which regulators oversee them. Crypto companies argue that the act is necessary to boost adoption and provide legal certainty for the industry.
Passage of the bill would mark a significant victory for US President Donald Trump, who has prioritized crypto reform during his second administration. Trump's family has profited from their own crypto ventures, with him reporting over $1.4 billion in income last year.