CLARITY Act · US Congress · White House · US Senate · The Block
Here’s what’s next for the Clarity Act as Congress returns to Washington
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Coming off its Fourth of July break, Congress returns to Washington next week ready to take up ambitious cryptocurrency legislation before the midterm election calendar takes over.
Key facts
- On Friday morning, House Financial Services Committee Chair French Hill, R-Ark., told Fox Business that lawmakers have to get past concerns about ethics
- Next Friday, the House Financial Services subcommittee on digital assets will hold a "field hearing" in New York, which Hill said will "highlight" why a crypto market regulatory framework is needed
- So far, Congress has passed one of its prioritized bills, the 21st Century ROAD to Housing Act, which includes a provision banning the Federal Reserve from issuing a central bank digital currency
- Almost a year after the House passed its version of that bill, called the Clarity Act, it's the Senate's turn to pass legislation
Summary
Almost a year after the House passed its version of that bill, called the Clarity Act, it's the Senate's turn to pass legislation. Two sources who spoke with that the text could come out as soon as next week. The timeline is tight. Over the past year, the Senate has hit hurdle after hurdle as it tries to iron out issues, including a provision that creates a safe harbor for non-custodial developers, clarifying that they are not money transmitters.