US Senate Banking Committee Chairman Tim Scott said the CLARITY Act, a bill that would set rules for the cryptocurrency market, is headed for a vote before Congress breaks for recess. In an interview with Fox News, Scott said the Senate may extend its working hours beyond the next two days to advance the legislation. He added that Republicans are building consensus on the bill and that establishing a crypto regulatory framework is in the US interest. “We will get the job done,” Scott said. The CLARITY Act aims to clarify the US digital asset regulatory framework and define the roles of the SEC and CFTC in overseeing crypto markets. Supporters say it would give the industry clearer rules and help the US remain competitive in digital assets. However, the bill still faces disputes within Congress over consumer protections, regulatory authority, and market risks. If passed, it would mark an important step in building US crypto regulation, according to Beincrypto.
US Senate Banking Committee Chairman Tim Scott says the CLARITY Act, legislation aimed at setting rules for cryptocurrency markets, will get a vote before Congress leaves for recess. “There is no question we will vote on it,” Scott said.
In an interview with Fox News, Scott said the Senate may extend its working hours beyond the next two days to make progress on the bill. He said Republicans are building consensus behind the measure and that establishing a clear crypto regulatory framework “is in the interest of the United States.” “We will get the job done,” Scott added.
The CLARITY Act is designed to further clarify the US digital asset regulatory framework, drawing a line between the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) over their respective roles in overseeing crypto markets. Supporters argue the bill would provide clearer rules for the industry and help maintain US competitiveness in digital assets.
The legislation still faces disagreements inside Congress over consumer protection, regulatory authority, and market risk. If it ultimately passes, it would be an important step in building out the country’s crypto regulatory structure. (Beincrypto)
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