One year after the CLARITY Act passed the House of Representatives, it still has not advanced in the Senate

Odaily Planet Daily reports: A year after the U.S. House of Representatives passed the CLARITY Act, the bill still has not been advanced to completion in the Senate. On July 17, lawmakers held a hearing at the Federal Hall National Memorial in New York to discuss how the bill would establish clearer rules for the digital asset market.

House Majority Whip Tom Emmer said that nearly 80 Democrats and Republicans jointly passed the CLARITY Act, but the Senate has yet to make measurable progress. Participants in the hearing included representatives from Nova Labs, Bullish, WisdomTree, and Coin Center.

French Hill, chair of the House Financial Services Committee, said that even if there is stablecoin legislation supported by GENIUS and the U.S. dollar, the digital asset ecosystem still lacks a rule framework to support its operation without a market structure bill. On July 14, Senator Cynthia Lummis said the Senate version of the CLARITY Act is ready, and the bill text will be released within a few days.