As comprehensive regulatory efforts targeting the U.S. cryptocurrency market gain momentum, Senator Cynthia Lummis has made some important statements. Lummis, the architect of the Bitcoin Strategic Reserve Act bill, said the critical legislation, publicly known as the CLARITY Act, would be finalized by the end of the year.
Speaking at the DC Blockchain Summit in Washington DC, Lummis said the Senate Banking Committee would consider the bill in the second half of April, after the Easter break. The committee is expected to make changes to the bill before putting it to a vote. Lummis clarified the schedule, saying: “In April, after the Easter holidays, we will increase the bill. »
This regulation is essential to establishing the legal framework for the cryptocurrency market in the United States. The bill aims to clarify jurisdictional boundaries between the CFTC and the SEC, define the conditions under which digital assets are considered securities or commodities, and introduce new transparency obligations.
Last year, the House of Representatives passed a similar bill, the CLARITY Act, with bipartisan support. However, the process was more difficult in the Senate. In January, the Senate Agriculture Committee passed its version with only Republican votes, while Democrats did not support the bill.
On the other hand, the critical hearing that the Senate Banking Committee had planned to hold in January was canceled at the last minute after cryptocurrency exchange Coinbase withdrew its support.
*This does not constitute investment advice.
