cryptocurrency

Cryptocurrency transactions are verified through a decentralized system designed to work without banks, payment processors, or any central authority. Instead of trusting a single institution, cryptocurrencies rely on cryptography, public ledgers, and consensus mechanisms to make sure every transaction is valid, secure, and irreversible. This verification process is the foundation of why digital currencies like Bitcoin and Ethereum can function as trustless systems.

At the core of every cryptocurrency is the blockchain, which can be understood as a public, shared ledger. This ledger records every transaction ever made on the network. Once information is written to the blockchain, it becomes extremely difficult to change, because copies of the ledger are stored across thousands of computers worldwide. Any attempt to alter past records would require changing the majority of these copies at the same time, which is practically impossible in large networks.

A cryptocurrency transaction begins when a user sends funds from their wallet to another address. This action creates a transaction message that includes the sender’s address, the recipient’s address, the amount being sent, and other technical details. The sender does not “move” coins in a physical sense. Instead, they use their private key to generate a digital signature. This signature proves ownership of the funds and confirms that the transaction was authorized by the rightful owner, without revealing the private key itself.

Once created, the transaction is broadcast to the network. Thousands of independent computers, called nodes, receive this transaction and begin checking it. These checks are automatic and rule-based. Nodes verify that the digital signature is valid, that the sender actually has enough balance, and that the coins being spent have not already been used in another transaction. If the transaction fails any of these checks, it is rejected and never added to the blockchain.

Valid transactions are temporarily stored in a pool of unconfirmed transactions. From there, they are grouped together into a block. Before this block can be added to the blockchain, the network must agree that it is legitimate. This agreement process is known as consensus, and it is what replaces the role of banks or clearinghouses in traditional finance.

One of the earliest and most well-known consensus mechanisms is Proof of Work. In this system, specialized participants called miners compete to add the next block to the blockchain. They do this by solving complex cryptographic puzzles that require significant computational power. Solving these puzzles is difficult and time-consuming, but verifying the solution is easy for other nodes. When a miner finds a valid solution, they broadcast it to the network. Other nodes independently verify the work, and if everything checks out, the new block is added to the blockchain. The miner is then rewarded with newly created cryptocurrency and transaction fees. This process makes attacks extremely expensive, because altering the blockchain would require redoing enormous amounts of computational work.

Proof of Stake takes a different approach. Instead of relying on energy-intensive calculations, it selects validators based on the amount of cryptocurrency they lock up as collateral, known as staking. Validators are chosen to propose and confirm new blocks according to predefined rules. Because validators have their own funds at risk, they are financially motivated to act honestly. If they attempt to validate fraudulent transactions or manipulate the system, they can lose part or all of their staked coins through a process called slashing. This system dramatically reduces energy usage while still maintaining strong security. Many modern blockchains use Proof of Stake or variations of it because of its efficiency and scalability.

Once a block is added to the blockchain, transactions inside it receive their first confirmation. Each additional block added after that counts as another confirmation. Confirmations matter because they increase the cost and difficulty of reversing a transaction. The more confirmations a transaction has, the more secure it is considered. Different blockchains and applications require different confirmation thresholds depending on their security needs. High-value transfers usually require more confirmations before being considered final.

The verification process also solves two major problems that once made digital money impractical. The first is double-spending, where the same digital funds could be copied and spent more than once. The blockchain prevents this by maintaining a single, shared history of transactions that everyone agrees on. The second problem is trust. Traditional systems require users to trust banks, governments, or corporations. Cryptocurrencies replace this trust with transparent rules, open verification, and cryptographic proof.

Every verified transaction strengthens the network. Because verification is performed by many independent participants rather than a single authority, the system is resilient against fraud, censorship, and single points of failure. This is why cryptocurrency networks can operate globally, 24/7, without permission from any institution.

In the end, cryptocurrency transaction verification is not just a technical detail. It is the reason digital currencies can exist as decentralized systems. Through cryptography, public ledgers, and consensus mechanisms like Proof of Work and Proof of Stake, cryptocurrencies create a system where trust is built into the technology itself. Understanding this process helps explain why millions of people use cryptocurrencies with confidence, even in the absence of banks or centralized control.

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The crypto industry and investors are awaiting the completion of the US CLARITY Act, which has been delayed amid partisan politics and industry concerns.
The bill would rewrite the rules of the road for the crypto industry, from which agency oversees it to regulations for decentralized finance ( #defi ).
Currently, lawmakers in the US Senate are hammering out the details, with significant points of contention. Democrats want a bipartisan bill with ethics provisions and a bailout prohibition that Republicans roundly rejected.
The crypto industry itself has taken issue with some of the provisions. Namely, Coinbase, the largest crypto exchange in the US, doesn’t want a bill that prevents it from offering #stablecoin yields. The US bank lobby opposes such yields, saying they threaten deposits and the stability of the financial system.
The bill has gone through several iterations. Here’s a look at how far it’s come:
May 2025: CLARITY comes to Washington
House Committee on Financial Services Chairman French Hill first introduced the CLARITY Act on May 29, 2025.
The goal of the bill, according to the committee, was to establish “clear, functional requirements for digital asset market participants, prioritizing consumer protection while fostering innovation.”
The committee said the bill was needed for several reasons, mainly that digital assets represented the next step in digital financial innovation and that the regulatory status quo was stifling possibilities.
June-July 2025: House passes crypto bill
The House of Representatives moved with uncharacteristic speed on the CLARITY Act. In June, the bill moved through markup sessions in the House committees on agriculture and financial services and was placed on the calendar for a vote on the floor by June 23.
On July 17, the House of Representatives passed the bill, 294-134. The vote found more support among Republicans. Some 216 Republicans supported the bill, none opposed, while four abstained from voting.
There was some bipartisan support: 78 Democrats joined in voting “Yea,” while most of them, 134 Democratic Representatives, voted “Nay.” No Democrats abstained from voting.

With the vote, the bill moved to the upper house, the US Senate, where it has since been under debate.
July-September 2025: Senate starts work
The Senate quickly got underway with work on CLARITY. On July 22, Republican leaders on the US Senate Banking Committee released a draft version of the bill.
The discussion draft would “establish clear distinctions between digital asset securities and commodities, modernize our regulatory framework, and position the United States as the global leader in digital asset innovation.”
Senate Banking Committee Chair Tim Scott was optimistic about the Senate moving just as quickly as the House, giving an initial deadline of Sept. 30, 2025.
October-December 2025: Senators at odds during government shutdown
Democrats on the Senate Banking Committee, including noted #cryptocurrency skeptic Senator Elizabeth Warren, were opposed to several parts of the discussion draft.
Warren took issue with how taxes would be treated under the law, saying in a statement that “proposals to clarify crypto’s tax treatment could ultimately give crypto an unfair advantage over other financial products.”
She also said that the proposals “make it harder to track what’s happening in crypto transactions if they are being used for illegal purposes.”
Senate Democrats also came up with their own proposals on how the bill would regulate DeFi. According to partners at Skadden Arps Slate Meagher & Flom, these DeFi rules sought to “leverage existing regulatory frameworks to create a crypto market structure and show Congress’ instinct to retrofit the current system rather than design one built for crypto.”
This was diametrically opposed to Republicans’ and the crypto industry’s vision, which was to create a new, bespoke system for the digital asset industry.
On Nov. 11, 2025, the Senate Agricultural Committee released its own discussion draft of CLARITY. The draft noted that lawmakers were still discussing the idea of which federal agency, the Commodity Futures Trading Commission (CFTC) or the Securities Exchange Commission (SEC), would regulate the industry.
Further hindering progress was the US federal government shutdown from Oct. 1 to Nov. 12 — the longest in history after the previous one that occurred in President Donald Trump’s first term. It only ended after a small group of Senate Democrats voted with Republicans to pass a resolution to temporarily fund the government.
December 2025-January 2026: Markup session, crypto industry gets impatient
Senator Cynthia Lummis predicted in the autumn that the crypto framework law would reach Trump’s desk by New Year’s Eve. As the year 2025 drew to a close, this seemed less likely.
On Dec. 19, the White House’s crypto and AI czar, David Sacks, said that, after a meeting with top senators working on CLARITY, there would be a markup session in January.

However, the planned markup session in the Senate Banking Committee was postponed amid substantive disagreements about the bill from the crypto industry lobby and the banking industry.
Coinbase CEO Brian Armstrong said they couldn’t support the bill due to its provisions banning interest-bearing stablecoins, as well as positioning the SEC as the main crypto industry regulator.
The move reportedly infuriated the White House, which was eager to complete work on the framework law.
Other financial bigwigs like David Solomon, CEO of Goldman Sachs, agreed with Armstrong, saying that the bill “has a long way to go.”
Work on the law did not stop completely. The Senate Agriculture Committee announced that it would have its own markup session on Jan. 27. Committee Democrats attempted to make amendments to the bill, including an ethics provision banning Congress from trading crypto, as well as ruling out any possibility of the government bailing out crypto.
These votes failed along party lines, and the Republican majority advanced the bill to the Senate floor.
February 2026: High-level talks at the White House, political maneuvers
Crypto industry executives, lawmakers and bankers are now meeting frequently at the White House and in the halls of Congress to figure out a solution to their differences. The Digital Chamber of Commerce said that a meeting on Feb. 3 focused on stable coin yields.

These talks have continued. On Tuesday, more executives, including Ripple chief legal officer Stuart Alderoty, met for what was a “productive session.”
“Clear, bipartisan momentum remains behind sensible crypto market structure legislation. We should move now — while the window is still open,” he said.
Still, there’s been no deal. Delays have reportedly led to nearly $1 billion in outflows from the crypto market, according to data from CoinShares. Some observers believe that the delays are ultimately good in the long run, as it gives the industry a chance to bargain for more favorable terms.
Market analyst Michaël van de Poppe said, “I think if the bill were approved in its current form, it would have had a very bad impact on the markets in general. So, now, all the parties are aligned to continue the discussion. It reminds me a lot of the Markets in Crypto-Assets (MiCA) regulations in Europe.”
Many are eager to seal the deal before the midterm elections. The crypto lobby has been building its political machine through donations to political action committees (PACs). Both Republican and Democratic members of Congress are reportedly eager to pass something favorable before the 2026 campaign cycle begins and crypto PACs decide who to support.
Crypto’s strong support in the Republican Party could also prove a liability as the party loses popularity. Midterm elections historically go against the sitting president’s party, and in one year, the crypto lobby could be stuck with a lame-duck president and lukewarm support among a Democrat majority.
The success of CLARITY could end up being a race against the clock.
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