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Deep Tide TechFlow message: On May 31, according to Cointelegraph, U.S. Senator Cynthia Lummis said that if Congress fails to pass the Digital Asset Market Clarity Act (CLARITY Act), the United States could fall behind other countries, including China, in terms of leadership in crypto regulation. She said that establishing a comprehensive crypto regulatory framework would help ensure that other nations do not write the rules for the next financial era.
Previously, the U.S. Senate Committee on Banking voted in May to advance the bill, but the bill would still need to be passed by both houses of Congress and signed by the President to take effect.