The chairman of the Senate Banking Committee, Tim Scott, claims that his committee may submit amendments to the act on the structure of the cryptocurrency market in December. This means the document will be voted on next month. The bill will then go to the desk of the US president. Its passage should strengthen the industry.
Tim Scott returns to the subject of the CLARITY Act
Senate Banking Committee Chairman Tim Scott says he plans to submit amendments to the Cryptocurrency Market Structure Act next month. All this so that it reaches President Donald Trump’s desk at the beginning of next year. In an interview with Fox Business, he confirmed that the committee is negotiating with Democrats to reach an agreement on passing the bill.
We believe that next month we will be able to gather amendments from both committees and pass the bill to the Senate (…) for President Trump to sign the bill that will make America the world capital of cryptocurrencies
– Scott said.
The House of Representatives passed the CLARITY Act in July, which establishes the authority of the Commodity Futures Trading Commission and the Securities and Exchange Commission (SEC) to regulate the cryptocurrency market. However, the Senate is working on its own version of the bill with its own amendments.
Coinbase CEO Brian Armstrong said in a video posted on X on Tuesday that he was in Washington “pushing for market structure legislation” and noted that “great progress” has been made in that area.
Acts important for the industry
Let us recall that the CLARITY Act was one of three bills regarding cryptocurrencies that the House of Representatives adopted in July after a 10-hour vote – alongside the GENIUS Act, which aims to regulate the stablecoin market, and the Anti-CBDC Surveillance Act, which outlaws digital currencies of central banks (this is the implementation of one of Trump’s crypto promises from the election campaign).
While the GENIUS Act has already been signed by Donald Trump, Congress is still working on the CLARITY Act.
Republicans have a majority in the Senate (53 seats – compared to 47 seats for Democrats), but 60 votes are needed to pass the bill.
