US Senate Advances Landmark Crypto Bill Amid Ongoing Negotiations
The US Senate has advanced a landmark crypto bill that would create a regulatory framework for cryptocurrencies. The Clarity Act, which has been backed by President Donald Trump and the crypto industry, aims to provide legal clarity on when digital tokens are securities or commodities and which regulators oversee them.
The move is seen as a major victory for the crypto industry, with companies saying that the act is necessary to boost adoption. However, Democrats have expressed opposition, citing concerns over the bill's language that would allow crypto companies to compete with banks for deposits by offering rewards on customer stablecoin holdings.
The Senate Majority Leader John Thune has filed to set up a key procedural vote on the Clarity Act when the Senate returns from its August recess in mid-September. The bill needs the support of at least eight Democrats and all voting Republicans to pass, with negotiations ongoing over restrictions on government officials' crypto ventures.