The future regulation of the cryptocurrency market in the United States will depend largely on the decision of the 100 senators that make up the US Senate. Although the Clarity Act already has significant support, its final approval will be defined in the full Senate, where the 100 legislators have the final say.
The law already passed the Senate Banking Committee on May 14 by 15-9 votes, as reported by CriptoNoticias. Now it must be debated and voted on in plenary. To advance, 60 votes are required to close the debate (cloture) and then a simple majority of 51 votes for its approval, the detail is that there is still no date for the deliberations and the approval could be postponed even to next year.
This mechanism shows that the fate of an industry that moves hundreds of billions of dollars It will be in the hands of politicians elected by the citizens. Although the final decision rests with the 100 senators, two voices stand out strongly in promoting the legislation.
Senator Cynthia Lummis (R), the main author of the project, has been one of the most active promoters. Lummis has noted that the Clarity Act draws “a clear line” between digital assets considered securities (regulated by the Securities and Exchange Commission, the SEC) and commodities (under the Commodity Futures Trading Commission, the CFTC), a distinction that, according to her, “has been needed for ten years,” as He made it known this Thursday on their social networks.
For his part, Senator Tim Scott (R) has been especially active in recent hours. This morning, in an interview on Fox Business, Scott emphasized the economic importance of the project: “Making it less expensive to do business in the United States” through clear rules for so-called “blockchain technology” and digital assets, while protecting consumers.
Scott has pressed publicly so that the vote can take place before the summer recess spanning from August 10 to September 11. In fact, this medium reported that historic pressure is taking place with more than 200 companies in the cryptocurrency industry seeking approval as soon as possible.
Legal certainty for the cryptocurrency industry
The CLARITY Act seeks to provide, at least in theory, legal certainty for the sector, promote responsible innovation and prevent the flight of companies to friendlier jurisdictions. It has the support of the aforementioned ecosystem coalition that includes representatives such as Binance, Coinbase or Kraken. However, there are critical voices within the Senate.
Senator Elizabeth Warren (D) has warned that the law could put consumers at riskinvestors and the financial stability of the country, considering it too favorable to the industry.
“Our job is not to push a pro-crypto industry bill that will put American consumers, investors, our national security, and our financial system at risk,” the senator declared.
Recently, CriptoNoticias reported on the progress of the initiative and the intense bipartisan pressure to bring it to the plenary session, highlighting the work described by Lummis as the result of “blood, sweat and tears.”
Looking ahead, the next few weeks will be decisive. If the 100 senators manage to reach the necessary 60 votes before the scheduled recess and the law is reconciled with the House version, the Clarity Act could reach President Donald Trump’s desk before the end of the year.
Otherwise, regulatory uncertainty would be prolonged, which could affect the United States’ competitive position in the digital assets sector, according to politicians who support the bill.