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After Genius, the new crypto law in the US Congress
Last week, the US Congress passed the stablecoin law GENIUS Act and got it signed by Trump; now it is time for the Clarity Act. However, this law contains much broader and more comprehensive rules compared to Genius. The law is expected to be put to a vote in the Senate towards the end of September.
Now it's the Senate's turn for the Clarity Act, which passed the US House of Representatives but has a longer road ahead compared to Genius. Unlike the more limited topic of stablecoins, some Republican senators have already proposed various amendments and updates for Clarity, which includes much more comprehensive crypto regulations...
The Clarity Act, which passed the House of Representatives last week with a vote of 294 to 134, aims to regulate the entire crypto sector. With this law, the distribution of authority between the SEC (Securities and Exchange Commission) and the CFTC (Commodity Futures Trading Commission) will be clarified.
Definition of secondary assets also added
Republican senators Tim Scott, Cynthia Lummis, Bernie Moreno, and Bill Hagerty made some changes to this draft. A definition of secondary assets was also added to the draft. With this provision, it will be clarified which digital assets and cryptocurrencies are not considered securities.
There is time until September 30 for the discussion of the bill. The voting process of the draft is expected to be completed by that date, but it is not expected to be as short as the process for the Genius Act.
In the US Congress, some laws can be initiated in the House of Representatives, while others can start in the Senate. The Genius Act was first put to a vote in the Senate, while the Clarity Act went through this process in the House of Representatives.
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