Summary
- The report said the CLARITY Act would split oversight of digital assets between the SEC and CFTC, while setting registration requirements for businesses and anti-money laundering (AML) rules.
- Industry participants see lower odds that the CLARITY Act will pass this year, and SALT CEO John Darsie said the bill is less likely to clear Congress ahead of the midterm elections.
- Former New York Governor Andrew Cuomo said a regulatory clash could drag on if the CLARITY Act does not pass before the midterm elections and Democrats take control of the House.
Forecast Trend Report by Period
The CLARITY Act, legislation that would create a regulatory framework for the U.S. cryptocurrency market, is headed for a Senate vote on Sept. 15. Industry participants are increasingly doubtful the bill will pass this year.
CNBC reported on Sept. 1 that the measure would split oversight of digital assets between the Securities and Exchange Commission and the Commodity Futures Trading Commission. It would also set registration requirements for businesses and establish anti-money laundering, or AML, rules. The Senate had initially aimed to vote before its August recess, but that schedule was delayed.
Key sticking points include whether stablecoins should be allowed to pay interest and ethics provisions related to U.S. President Donald Trump and his family's crypto businesses.
John Darsie, chief executive officer of SALT, said he is somewhat pessimistic about the bill's prospects. Passage is less likely in the run-up to the midterm elections, he added.
Former New York Governor Andrew Cuomo said a prolonged regulatory clash between Congress and the administration could follow if the CLARITY Act does not pass before the midterm elections and Democrats win control of the House.
JH Kim
reporter1@bloomingbit.ioHi, I'm a Bloomingbit reporter, bringing you the latest cryptocurrency news.