๐บ๐ธ Will the US CLARITY Act for digital currencies still come into effect?
The CLARITY Act faced a major hurdle in the Senate, but the story may not be over yet. ๐
On September 15, the Senate voted 49โ50 on a procedural measure to move H.R. 3633 forward, but it did not receive the 60 votes required.
What matters here: This was a procedural vote, not a final vote to pass the bill or make it into law.
Now, the Chair of the House Financial Services Committee, French Hill, says he still hopes the legislation can be revived during the Lame Duck session after the elections. ๐ฅ
Why does this matter for the crypto sector? ๐
๐น Clearer federal rules
The CLARITY Act aims to establish a federal regulatory framework for digital assets and clarify the roles and responsibilities between the SEC and the CFTC. Its supporters believe the legislation could provide more stable rules than regulatory guidance that may change over time.
๐น Strengthening institutional confidence
Clear rules for digital asset markets could help traditional financial institutions and crypto firms plan their investments and operations over the long term.
๐น Time is running out โณ
Congress is leaving Washington in preparation for the midterm elections in November, and lawmakers are expected to return.
$BTC $ETH $XRP
#CLARITYAct #Ethereum #CryptoNews #BinanceSquare
The CLARITY Act faced a major hurdle in the Senate, but the story may not be over yet. ๐
On September 15, the Senate voted 49โ50 on a procedural measure to move H.R. 3633 forward, but it did not receive the 60 votes required.
What matters here: This was a procedural vote, not a final vote to pass the bill or make it into law.
Now, the Chair of the House Financial Services Committee, French Hill, says he still hopes the legislation can be revived during the Lame Duck session after the elections. ๐ฅ
Why does this matter for the crypto sector? ๐
๐น Clearer federal rules
The CLARITY Act aims to establish a federal regulatory framework for digital assets and clarify the roles and responsibilities between the SEC and the CFTC. Its supporters believe the legislation could provide more stable rules than regulatory guidance that may change over time.
๐น Strengthening institutional confidence
Clear rules for digital asset markets could help traditional financial institutions and crypto firms plan their investments and operations over the long term.
๐น Time is running out โณ
Congress is leaving Washington in preparation for the midterm elections in November, and lawmakers are expected to return.
$BTC $ETH $XRP
#CLARITYAct #Ethereum #CryptoNews #BinanceSquare