An important milestone was achieved with respect to The CLARITY Act when the US Senate Agriculture Committee approved its portion of the crypto market structure bill.
The committee passed the Digital Commodity Intermediaries Act by a narrow 12–11 vote. Republicans backed the bill and Democrats voted against it.
This section of the legislation centers around giving the Commodity Futures Trading Commission clearer authority over crypto markets, especially assets treated as commodities.
The voting was conducted after lengthy discussions and amendments from both sides. It shows how much complex and politically sensitive the subject of crypto regulation has become.
Attention now shifts to the Senate Banking Committee, which still needs to mark up its part of the bill. That process may be delayed until February or March due to the possibility of a US government shutdown.
The White House is also intervening to help resolve disagreements over a proposed ban on stablecoin yields. Banking and crypto leaders are going to discuss this issue next week.
Meanwhile, Democrats are still concerned about the lack of ethics provisions, particularly around the ties of public officials with crypto. These concerns might pose challenges when the bill will reach the full Senate.
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