US Senate Advances Landmark Crypto Bill Amid Industry Uncertainty
The US Senate is set to vote on Tuesday on advancing landmark cryptocurrency legislation, dubbed the Clarity Act. The bill would create a regulatory framework for digital assets, which crypto companies believe would put them on more solid legal footing.
Despite efforts by Republican Senate leaders to address concerns from the banking industry and some Democrats, it remains unclear if the legislation can garner the 60 votes needed to advance. The crypto industry has spent hundreds of millions of dollars campaigning for the bill's passage.
Crypto investors and analysts have said that the market had mostly priced in the bill's non-passage, and that another delay would be negative but not a shock to the system. However, passage could reduce legal uncertainty and unlock additional institutional activity.