Senate Banking Chair Scott Says CLARITY Act Would Rewrite ‘Outdated Rules’ as Markup Starts
Summary
- Sen. Tim Scott, chairman of the Senate Banking Committee, said the CLARITY Act would rewrite “outdated rules.”
- He said the CLARITY Act would strengthen anti-money laundering and sanctions rules while giving law enforcement tools to track bad actors.
- The Senate Banking Committee began the CLARITY Act markup that day and is voting on whether to advance the bill to the full Senate.
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Sen. Tim Scott, chairman of the Senate Banking Committee, said on May 14 that the crypto market structure bill known as the CLARITY Act would rewrite “outdated rules.”
Speaking at the committee’s markup of the CLARITY Act, Scott said the measure would update old rules and keep innovation in the US, CoinDesk reported. He said the legislation would strengthen anti-money laundering and sanctions rules and give law enforcement better tools to track bad actors. Those tools would make it harder to conceal misconduct and easier for law enforcement to act.
Scott added that the effort did not come together overnight. Lawmakers from both parties have been negotiating various provisions of the bill, he said. “That is what good governance looks like,” he said.
The Senate Banking Committee began its markup of the CLARITY Act at 11:30 p.m. Korea time on May 14. A markup is the review stage in which a congressional committee conducts its final examination of a bill before sending it to the full chamber.
The committee is also voting on whether to advance the CLARITY Act to the full Senate. The panel has 13 Republicans and 11 Democrats. The bill needs at least 13 votes in favor to clear the committee.
JOON HYOUNG LEE
gilson@bloomingbit.ioCrypto Journalist based in Seoul
