The CLARITY Act has been approved by the U.S. Senate Committee and is about to undergo final review by Congress.

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ME News, May 15 (UTC+8): According to CoinDesk, the U.S. Senate Banking Committee approved the CLARITY Act with a bipartisan vote of 15-9, advancing it to the next stage. Democratic senators Ruben Gallego and Angela Alsobrooks voted in favor along with all Republicans. Committee Chair Tim Scott secured Democratic support at the last minute by allowing an amendment that had previously been rejected. The bill will now be merged with the version earlier passed by the House Agriculture Committee, then submitted for a full Senate vote, and finally sent to the House for approval.

The final passage of the bill still depends on further negotiations regarding measures to prevent cryptocurrencies and DeFi technologies from being used for financial crimes, as well as ethical provisions restricting government officials from participating in the crypto industry. Alsobrooks said that today’s vote is a step forward, but there is still a great deal of work to be done. Gallego also said that the final vote will depend on further progress. Cody Carbone, president of the Digital Chamber of Commerce, expects that an agreement on the ethical provisions will be reached before the matter is submitted for a full vote, and that the bill must pass by August to avoid further delays due to the summer recess and the midterm elections. (Source: CoinDesk)

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GateUser-e1cfc287
· 3h ago
Getting it done before the midterm elections is indeed a window of opportunity for the industry.
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ThetaSideEye
· 3h ago
Balancing the prevention of financial crime and innovation, do lawmakers understand?
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BridgeWhisperer
· 4h ago
Many people are probably watching the government official's coin holding restrictions.
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BluePeonyDarkroom
· 4h ago
Why is the Digital Chamber of Commerce so optimistic? I will remain cautiously reserved for now.
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GlassBottleFeather
· 4h ago
DeFi compliance feels like the most difficult to argue about; looking forward to the final text.
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