US Senator Reiterates Opposition to 'CLARITY Act' Scheduled for Senate Review in September

JH Kim

Summary

Senator Elizabeth Warren reiterated her opposition to the CLARITY Act, stating it could encourage corruption among elected officials.
The bill is scheduled for Senate review in September, with plans to address it by September 30.
The CLARITY Act centers on establishing a regulatory framework for the digital asset industry, delineating the supervisory authorities of the SEC and CFTC, and exempting certain digital assets from registration requirements.

According to cryptocurrency-focused media outlet Cointelegraph on the 11th (local time), Elizabeth Warren, a United States Senator from Massachusetts known for her critical stance on digital assets, once again stated her opposition to the digital asset market structure bill 'CLARITY Act'—which recently passed the House—during an interview with MSNBC, arguing that it "could encourage corruption among elected officials."

The CLARITY Act is slated for Senate review beginning this September. In June, Republican leadership on the Senate Banking Committee announced their plan to address the bill by September 30.

This legislation aims to establish a regulatory framework for the digital asset industry and to delineate the supervisory authority of the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC). It also exempts certain digital assets that meet specific requirements from the registration obligations stipulated in the Securities Act of 1933.