The US Senate Banking Committee has reviewed the long-awaited CLARITY Act, aimed at regulating the structure of the crypto-asset market. This step is a significant process toward creating a clear legal framework for digital asset companies. This is reported by Cointelegraph.com reports .
At the meeting held on Thursday, all 13 Republican senators and two Democratic senators supported the bill. More than 100 amendments were proposed to the bill, covering issues such as stablecoin profitability and ethical restrictions.
Committee Chairman Tim Scott emphasized that the bill is aimed at protecting consumers, keeping innovation in the US, and ensuring national security in the digital asset sector. However, Senator Elizabeth Warren criticized the bill, calling it written for the interests of the crypto industry.
Senator Cynthia Lummis countered the criticism, stating that the CLARITY Act protects the interests of law enforcement and consumers. The bill is now expected to be sent to the full Senate floor for regulation of SEC and CFTC activities.
The bill requires 60 votes to pass in the Senate. If the document passes the Senate, it must also be approved by the US House of Representatives and submitted for the President's signature in the final stage.
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