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The CLARITY Act achieved this Senate Banking Committee today’s marking hearing is relatively unscathed. While many changes were proposed, the most onerous ones were rejected.
The final vote was 15 to 9, with all Republicans supporting the bill and 2 Democrats joining the majority.
Cortez Masto proposal to remove tBlockchain Regulatory Certainty Act The (BRCA) language could not even make it to the list because it was considered a parliamentary foul.
Although all of the opposition came from minority Democrats, including ranking member Sen. Elizabeth Warren, many Democrats supported the bill.
Senator Warren opened the hearing by expressing her concerns. The pro-industry crypto bill will put American consumers, investors, our national security, and our financial system at risk.
He warned that the legislation would “poke a hole in our securities laws” and open “open season to defraud Americans.” But his declarations of doom were eventually put aside as advocates of innovation and digital assets triumphed.
Committee member Senator Thom Tillis stated:
“The Clarity Act, passed by the Senate Banking Committee, is a strong bipartisan compromise to provide the regulatory certainty needed to advance financial innovation. I’ve been proud to work with my colleagues on both sides of the aisle over the past several months, and more work will be done in the coming weeks to make this legislation even better. Let’s get this done.”
Senator Tim ScottCommittee Chairman says CLARITY Act “It puts ordinary Americans first with clear disclosures, anti-fraud safeguards, and rules that keep markets open and fair.”
Paul Grewal, coinbase Chief Legal Officer Paul Grewal said both Republicans and Democrats on the Banking Committee are doing impressive work.
“Thank you. CLARITY continues on its way.”
Senator Cynthia Lummis he said The Openness Act is critical to securing our financial future.
The bill will now be put to a vote in the Senate. The bill is in the final stages of becoming law, although there is still time for some political bargaining. The vote should be held before the end of the month and its schedule should be announced in the coming days.
