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Highlights
- Senate to unveil its CLARITY Act draft on crypto market structure by June 24, aiming for clearer regulations.
- The GENIUS Act passes in Senate, setting stablecoin rules, while CLARITY Act will address broader crypto market regulations.
- Senate targets transparency and consumer protection in upcoming CLARITY Act, ensuring a more orderly crypto market.
The U.S. Senate is set to begin working on its version of the crypto market structure legislation, known as the CLARITY Act. This development comes as the Senate Banking Committee prepares to focus on the bill during a subcommittee hearing next week, scheduled for June 24.
Senate to Release Its Version of the CLARITY Act
According to former Fox journalist Eleanor Terrett, the Senate is developing its own version of the crypto market structure bill, which will differ from other proposals currently being discussed in the House. The CLARITY Act aims to provide clear regulatory guidelines for the cryptocurrency market, including classifications for digital assets and rules for market operations.
The Senate bill will make efforts to deal with issues of transparency, protection of investors, and regulatory practices, making it a better environment in an orderly manner to both crypto businesses and investors.
In the coming weeks, the Senate is expected to release a discussion draft of the CLARITY Act, which will help further define the direction of the bill. Senate leadership, including Senator Tim Scott, has indicated that a full committee hearing could follow next month, allowing for additional input on the proposed regulations. The discussions will shape the legislation, addressing key concerns regarding the growing digital asset market.
GENIUS Act Passage and Impact on the Legislative Process
The recent passage of the GENIUS Act in the Senate is a notable measure as regards to crypto law. The bill has passed by a vote of 68-30 and will now proceed to the House.
The act mainly targets the aspect of stablecoins, to supervise the stablecoin market, and make sure that all issuers have sufficient reserves. According to supporters, it has the potential to bring about financial stability and consumer protection of using stablecoins.
Despite the success of the GENIUS Act, its opponents in the legislative branch have noted that regulation of stablecoins may not be sufficient. One House lawmaker noted that both the GENIUS Act and the broader crypto market structure legislation, including the CLARITY Act, need to be passed together for a more comprehensive regulatory framework. “You need both. You can’t just have one,” the lawmaker said.
Senate’s Focus on Comprehensive Crypto Regulation
The Senate’s efforts on the CLARITY Act come at a time when lawmakers are working to establish a more coherent framework for the digital asset space. The Senate version of the bill is likely to give a better idea on how cryptocurrencies ought to be regulated in the U.S., with the emphasis on consumer protection and market transparency.
With the Senate making plans to pursue this legislation, the discourse about the GENIUS Act also doesn t show any signs of slowing down. Although the focus has been mostly on stablecoins, the wider crypto market is in need of clarification and thats where the CLARITY Act will come in.
Nevertheless, concerns have occurred regarding possible flaws in consumer protections, as some critics, such as Senators Elizabeth Warren and Josh Hawley, have claimed. Nevertheless, despite these misgivings, Chairman Tim Scott is not worried and believes that the GENIUS Act as well as the CLARITY Act will continue and be signed into law before the August recess.
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