The regulation of cryptocurrency in the United States is finally taking a crucial step forward.
According to Cointelegraph, David Sacks, the White House official responsible for artificial intelligence and cryptocurrency affairs, stated that the "CLARITY Act" is nearing formal legislation, expected to enter the Senate for review and modification in January next year.
This bill is jointly promoted by Tim Scott, chairman of the Senate Banking Committee, and John Boozman, chairman of the Agriculture Committee, and is a bipartisan-supported proposal. In simple terms, the core issue it aims to address is—who should regulate the cryptocurrency market and how.
Currently, the biggest pain point in U.S. regulation is "ambiguity": what exactly constitutes a cryptocurrency security, and what is a cryptocurrency commodity? The boundaries between the SEC (Securities and Exchange Commission) and the CFTC (Commodity Futures Trading Commission) often clash.
The "CLARITY Act" aims to draw clear lines, allowing everyone to perform their respective duties.
Supporters of the bill believe that this will finally provide cryptocurrency companies with a clear and certain compliance path. There will no longer be sudden regulatory "raids", and innovators can operate without fear. For investors, this also provides a safer institutional guarantee.
The House of Representatives has already passed the bill in July, and the Senate will now enter the processes of review, debate, and modification.
Tim Scott needs to strive for an absolute majority vote for passage; otherwise, the bill may be indefinitely shelved.
If the Senate passes the revised version, the bill will be sent back to the House for final confirmation, and then submitted to President Trump’s desk for signing into effect.
Summary:
If the "CLARITY Act" passes smoothly, the U.S. cryptocurrency industry will welcome the clearest regulatory framework in history—this is not only the beginning of compliance but may also mark the start of a new wave of innovation.
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