The U.S. Senate will begin working on its version of the legislation regarding the structure of the cryptocurrency market, known as the CLARITY Act. This advancement comes as the Senate Banking Committee prepares to analyze the bill during a subcommittee hearing next week, scheduled for June 24.
The Senate Banking Committee is making progress in drafting a version of the CLARITY Act. The subcommittee hearing next week, led by Senator Cynthia Lummis, will focus on the framework of this legislation. The goal is to develop a bill that addresses the structure of the cryptocurrency market. Discussions in the Senate indicate that reforming the market structure is necessary to create a clear and regulated environment for digital assets.
The Senate initiative comes at a time when lawmakers seek to address the gaps in the current regulatory landscape for cryptocurrencies.
Senator Tim Scott expressed hope that the full committee will hold a hearing next month. This hearing is likely to take place after the draft of the legislation is published for discussion.
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