Odaily Odaily reports that the U.S. Senate Banking Committee passed the Clarity Act on Thursday by a vote of 15 to 9, marking the first major regulatory legislation targeting the crypto industry. The bill received support from all Republicans on the committee and Democratic Senator Ruben Gallego. It still needs to pass a full Senate vote and be reviewed by the House of Representatives before finally being signed by President Trump.
Committee chairman Tim Scott stated that the bill aims to provide clear regulatory guidance and standards for the crypto industry, eliminating uncertainty for developers and investors. Institutions such as Coinbase, Circle, Ripple, and Andreessen Horowitz have expressed support for the bill. However, the banking sector, law enforcement, and labor organizations oppose it, fearing it could affect the stability of the financial system or lead to an increase in illicit financial activities. The White House has also been actively involved in negotiations between banks and crypto groups. (CNBC)
