The Senate Banking Committee issued an official notice confirming the markup for the CLARITY Act, adhering to its procedural rules which require advance notice for such sessions. The markup is slated for at and will consider the House-passed version of the bill. Chairman Tim Scott indicated that the bill has garnered bipartisan backing following a series of amendments. A legislative markup is a process where a congressional committee debates, amends, and rewrites proposed legislation before recommending it to the full chamber for a vote.
The CLARITY Act, formally H.R. 3633, is designed to establish a comprehensive market structure framework for digital assets, aiming to clarify regulatory roles between the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC). This legislation seeks to address longstanding regulatory ambiguities in the U.S. crypto industry. The House of Representatives passed its version of the bill on , with a bipartisan vote of 294 to 134.
However, the bill has faced opposition regarding its decentralized finance (DeFi) provisions. An advocacy group named Investors For Transparency has launched a campaign, including television s on Fox News, urging senators to remove DeFi-related clauses from the legislation. This group argues that these provisions could have far-reaching implications for digital asset compliance and market stability, and they believe DeFi provisions could hinder technological progress.
The scheduling of the markup signals a push by the Senate to establish clear federal guidelines for the cryptocurrency market. According to CoinGape, the committee’s decision to proceed with the House’s version of the CLARITY Act, rather than developing an entirely new Senate bill, could expedite its passage through Congress. Chairman Scott’s announcement of bipartisan support suggests that key policy disagreements may have been resolved or mitigated through amendments. Alex Thorn, head of research at Galaxy, highlighted the necessity of bipartisan support, noting that the Senate typically requires at least 60 votes to advance legislation. The stated aim is to replace regulatory uncertainty with a predictable market structure.
Specific details of the amendments made to the CLARITY Act that secured bipartisan support have not been publicly disclosed. The full text of the bill, including any changes after these amendments, is not yet available. Additionally, the precise funding sources and leadership of the Investors For Transparency group remain undisclosed, despite their name. It is also unknown whether the opposition to DeFi provisions will lead to further delays or significant alterations to the bill during the markup process.
If the CLARITY Act passes the Senate Banking Committee vote on , it will then advance to a full Senate vote. Following potential Senate passage, the bill would return to the House for final approval before being sent to the President for enactment. Analysts suggest that if the act passes, it could lead to a decline in market manipulation and potentially accelerate institutional investment in crypto markets by 2026. However, TD Cowen warned that crypto market structure legislation might not pass until 2027, with implementation potentially slipping to 2029.
Readers interested in the evolving cryptocurrency regulatory landscape should monitor official announcements from the Senate Banking Committee and other congressional bodies for updates on the CLARITY Act. Individuals involved in the digital asset space should review the bill’s provisions once they become public to understand potential impacts on their operations. Engaging with industry associations and advocacy groups can also provide insights into ongoing legislative developments and their implications for the broader crypto ecosystem.
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