US Senate Banking Committee Chairman: CLARITY Act to Face Vote Before Congressional Recess

Odaily News: US Senate Banking Committee Chairman Tim Scott stated that the CLARITY Act, which addresses cryptocurrency market regulation, will face a vote before the congressional recess — "there is no doubt it will come to a vote."

In an interview with Fox News, Scott said the Senate may extend its working hours beyond the next two days to advance progress on related legislation. He noted that Republicans are building consensus on the bill internally and believe that establishing a crypto regulatory framework "serves America's interests."

Tim Scott said: "We will get this done."

The CLARITY Act aims to further clarify the US digital asset regulatory framework by delineating the respective oversight responsibilities of the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) in the crypto market. Supporters argue the bill would provide clearer rules for the industry and help the US maintain competitiveness in the digital asset space.

Currently, the bill still faces disputes within Congress over consumer protection, regulatory authority, and market risk. If ultimately passed, it would mark a significant step forward in building the US crypto regulatory system. (Beincrypto)