US Senate Set to Vote on Cryptocurrency Regulation Bill
The US Senate is set to vote on Tuesday on whether to advance landmark cryptocurrency legislation, known as the Clarity Act. This bill aims to create a regulatory framework for digital assets, which crypto companies say would put them on more solid legal footing.
The deep-pocketed industry has spent hundreds of millions of dollars campaigning to advance the bill. However, it remains unclear if the legislation can garner the 60 votes needed to advance, even after Senate Republicans released a new text in an effort to address concerns from the banking industry and some Democrats.
Can-Luca Köymen, investment strategist at digital asset bank Sygnum, said that 'another delay would be negative but probably not a new regime shock, whereas passage would reduce legal uncertainty and could unlock additional institutional activity.'