Summary
- The U.S. Senate is set to resume deliberations on the CLARITY Act this week, with the possibility that the measure could come to a Senate floor vote in August.
- The bill would restructure oversight of digital assets around the Commodity Futures Trading Commission (CFTC).
- To pass the bill, lawmakers would need to resolve disagreements over allowing interest payments on stablecoin deposits and the Ethics Provision, while also securing more than 60 votes in the Senate.
Forecast Trend Report by Period
The U.S. Senate is set to resume work this week after the Memorial Day recess, putting the CLARITY Act, a cryptocurrency market-structure bill, back in focus.
Cointelegraph reported on June 1 that the Senate will continue deliberations on the CLARITY Act after returning from the holiday break.
The legislation would shift oversight of digital assets toward the Commodity Futures Trading Commission. It has already passed the Senate Agriculture Committee and the Senate Banking Committee.
Lawmakers are expected to begin combining the two committee versions of the bill this week, Cointelegraph reported. Some senators see the final measure reaching the Senate floor for a vote as early as August.
Faryar Shirzad, Coinbase's chief policy officer, told Fox Business in a recent interview that the CLARITY Act could become the most important financial regulatory legislation since Dodd-Frank.
Disagreements over the bill persist. JPMorgan Chase CEO Jamie Dimon has opposed the current version, taking issue with provisions that would allow interest payments on stablecoin deposits.
Democrats are also seeking the addition of an ethics provision. Senator Kirsten Gillibrand previously said the bill would be difficult to pass without it.
The measure would need more than 60 votes to pass the full Senate, making support from at least some Democratic senators essential.
Suehyeon Lee
shlee@bloomingbit.ioI'm reporter Suehyeon Lee, your Web3 Moderator.
