Summary
- U.S. Senator Cynthia Lummis said the cryptocurrency market structure bill, the Clarity Act, was the product of bipartisan cooperation.
- Lummis said Bitcoin (BTC) and blockchain technology are new asset and technology categories, and that crafting legislation to reflect that innovation took a long time.
- The market is watching how passage of the Clarity Act could affect the U.S. cryptocurrency regulatory framework and broader institutional investment.
Forecast Trend Report by Period
U.S. Senator Cynthia Lummis said the cryptocurrency market structure bill known as the Clarity Act was the product of bipartisan cooperation, as debate in Congress over crypto regulation enters its final stages.
Lummis made the remarks at a Senate Banking Committee meeting on May 14, CoinDesk reported. “This bill has been the most difficult legislative work I’ve ever done,” she said.
She said Bitcoin and blockchain technology remain very new asset and technology categories, which made it a lengthy process to craft legislation that reflects innovation in the sector.
Lummis also thanked Democratic Senators Ruben Gallego, Mark Warner and Angela Alsobrooks, along with Republican Senators Bernie Moreno, Thom Tillis and John Kennedy, for their bipartisan cooperation.
She said the Clarity Act addresses both consumer protection and law enforcement concerns.
Lummis also said “Bitcoin can be stored in your head,” arguing that it can help domestic violence victims or people facing oppression overseas protect their assets.
Congress has recently continued discussions over cryptocurrency market structure regulation, anti-money laundering measures and consumer protection.
Market participants are watching whether the Clarity Act passes and how it could affect the U.S. cryptocurrency regulatory framework and broader institutional investment.
JH Kim
reporter1@bloomingbit.ioHi, I'm a Bloomingbit reporter, bringing you the latest cryptocurrency news.
