During the weeks of recess in the U.S. Congress, some legislators have begun to indicate what strategies they will adopt regarding cryptocurrency-related legislation passed by the House.
In an MSNBC interview, Massachusetts Senator Elizabeth Warren expressed support for regulating the crypto industry, but she opposed the Clear Digital Asset Market Structure Act (CLARITY Act), which was introduced by Republicans and gained bipartisan support in the House.
Warren said: "We need regulation of cryptocurrencies, but not legislation written by the crypto industry, which only fuels corruption. We need laws to limit corruption, restrict officials' trading, and mitigate the economic damage caused by cryptocurrencies."
Warren's comments suggest she plans to intensify her opposition to the CLARITY Act, which is expected to be reviewed in the Senate session starting in September.
The Republican head of the Senate Banking Committee stated that they plan to pass the bill by September 30.
Prioritizing stablecoin regulation, followed by the structure of the cryptocurrency market, and then CBDC?
In July, many Democratic members of the House collaborated with Republicans to pass the CLARITY Act, which restricts U.S. central bank digital currency and passed the payment stablecoin regulation bill known as the GENIUS Act.
The GENIUS Act has been passed by the Senate and signed into law by President Trump, while other bills will be addressed after Congress's recess in August.
The White House has also made suggestions regarding the structure of the cryptocurrency market. On July 30, the digital asset working group established by the Trump administration provided recommendations on the future roles of financial regulators SEC and CFTC.
Reports state, "Without a clear and comprehensive classification system, market participants often face a fragmented maze of interpretations and guidance, which poses risks for honest participants trying to advance the industry."
Legislators in the Senate are expected to return to work on September 2, after Labor Day.