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The U.S. Senate Banking Committee passes the "Clear Act," which will promote the development of the cryptocurrency industry
CryptoWorld News reports that CryptoMichNL says the U.S. Senate Banking Committee today passed the “Clear Act” by a vote of 15 to 9. This is the largest bill in the history of the crypto industry and could become a powerful trigger for the upcoming bull market. The bill will continue to advance to a Senate vote and is expected to be merged with an earlier version. Passage in the Senate requires 60 votes; today, two Democratic lawmakers voted in favor in the committee vote. If it receives 60 votes, the bill will be submitted to the House of Representatives, which has already approved the earlier version and is expected to approve this version as well. The bill ultimately requires the president to sign it and for institutional rulemaking to be carried out, which is expected to take 1-2 years, but it will bring innovation and liquidity to the market. The bill clearly classifies certain assets as commodities or securities, which is positive for most assets to become digital commodities rather than securities. DeFi will become safer, with the necessary protections written into law, opening the door for more developers and institutions to explore DeFi use cases.