ChainCatcher, citing BeInCrypto, reported that Senate Banking Committee Chair Tim Scott said the CLARITY Act will face a vote before Congress goes into recess, and that there is "no doubt" the bill will be put to a vote. In a Fox News interview, Scott said the Senate may extend its working hours over the next two days to move the legislation forward. He said Republicans are building consensus around the bill and argued that advancing a crypto regulatory framework is in the interest of the United States. Scott added, "We will get this done." The CLARITY Act is designed to define the U.S. digital asset regulatory framework more clearly, including the division of oversight duties between the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC). Supporters say the bill would give the industry clearer rules and help the U.S. stay competitive in digital assets. It still faces debate in Congress over consumer protection, regulatory authority and market risk. If passed, it would mark an important step in building the U.S. crypto regulatory system.
Tim Scott says CLARITY Act will get a vote before Congress recesses
ChainCatcher, citing BeInCrypto, reported that Tim Scott, chair of the Senate Banking Committee, said the CLARITY Act, a bill aimed at regulating the crypto market, will be put to a vote before Congress goes into recess. He said there is "no doubt" the measure will be voted on.
In an interview with Fox News, Scott said the Senate may extend its working hours beyond the next two days to help move the legislation forward. He also said Republicans are building consensus around the bill and that pushing ahead with a crypto regulatory framework is "in the interest of the United States."
"We will get this done," Scott said.
Bill would define SEC and CFTC roles
The CLARITY Act is intended to spell out the U.S. digital asset regulatory framework and divide oversight duties in the crypto market between the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC).
Supporters say the bill would give the industry clearer rules and help the United States remain competitive in digital assets.
It still faces debate in Congress over consumer protection, regulatory authority and market risk. If it ultimately passes, the bill would be an important step in the construction of the U.S. crypto regulatory system.
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