U.S. senator: 'Clarity Act to enter legislative process next week'

JH Kim

Summary

It said the Clarity Act, a U.S. bill to set the market structure for virtual assets, is expected to enter the legislative process in earnest starting next week.
Sen. Hagerty said some issues remain, including stablecoin interest and ethics rules, but they are not at an insurmountable level.
It said the market views the speed of the bill’s progress as a factor that could affect the future direction of regulation and the industry structure.

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The Clarity Act, a U.S. bill to establish a market structure framework for virtual assets (cryptocurrencies), is expected to formally enter the legislative process starting next week. This would mark a resumption of discussions that had been delayed for months.

According to crypto-focused media outlet Cointelegraph on the 6th (local time), U.S. Senator Bill Hagerty said Republicans plan to bring the bill before the Banking Committee within the session on the 13th.

Hagerty said, "Some issues remain, such as stablecoin interest and ethics rules, but they are not insurmountable."

For the Clarity Act to advance to a floor vote in the Senate, it must be approved by both the Agriculture Committee and the Banking Committee. The Agriculture Committee passed an amended version in January, but the schedule has been delayed in the Banking Committee.

Opposition from the banking sector to paying interest on stablecoins has been cited as a key point of contention. The market views the pace of the bill’s progress as a factor that could influence the future direction of regulation and the industry’s structure.