US Senate Advances Landmark Crypto Bill Amid Ongoing Debate
The US Senate has moved to advance a landmark crypto bill called the Clarity Act, which aims to create a regulatory framework for cryptocurrencies.
According to reports, Republican Senator John Thune filed a motion on Saturday to set up a key procedural vote on the bill when the Senate returns from its August recess in mid-September.
The legislation would define whether digital tokens are securities or commodities and which regulators oversee them. Crypto companies claim that this act is necessary for providing legal clarity for the industry and could potentially boost the adoption of cryptocurrencies.
If passed, it would be a major victory for US President Donald Trump and the crypto industry. The bill has been supported by Trump's administration, with some arguing that it would help to boost the adoption of cryptocurrencies.