If it gets the green light from the committee, the Clarity Act will move to a vote in the Senate floor, where it will hit another hurdle.
The regulatory framework for the crypto market in the United States might finally get off the ground. Next Thursday, March 14, the Senate Banking Committee will vote on the Clarity Act, a bill aimed at establishing federal rules for the crypto sector in the country.
This session marks the committee's second attempt to conduct the vote. Back in January, when the decision was supposed to happen, the process was stalled after Coinbase, the largest crypto exchange in the U.S., withdrew its support for the bill. The firm expressed concerns about how stablecoin rewards would be handled in the text, which, according to the exchange, would favor traditional banks.
Since then, months of trading have occurred between representatives of the crypto industry and the banking sector. Now, the deadlock seems to be moving toward a solution after two influential senators presented new terms for the bill last week. Still, banking-related groups claim that the changes are 'still insufficient,' according to The Block.
The session next Thursday will not only serve for voting. If the text is approved, it will still need to go through a reconciliation stage with the version already approved by the Senate Agriculture Committee.
The challenges in the Senate
With the consolidation of a final text gathering the contributions from both committees, the bill will proceed to a vote in the Senate floor. This stage is expected to represent a new challenge in reconciling the different political interests involved, especially at a time when President Donald Trump's actions in the crypto market have come under fire from the opposition.
According to a survey by Bloomberg, Trump has already made $1.4 billion in crypto-related assets since he returned to the presidency. Given these numbers, opponents like Democratic Senator Kirsten Gillibrand argue that the bill is unlikely to move forward without the inclusion of an ethics clause.
If approved in the Senate with at least 60 votes, the bill will move to the House of Representatives before being sent for Trump's presidential signature.#claritact $XRP
