The Clarity Act, a bill regulating the cryptocurrency market in the US, is eagerly awaited to be enacted into law.
The US Congress is continuing its work to approve the Clarity Act. However, progress in the Senate has stalled due to disagreements over stablecoin yields. While the Senate Agriculture Committee has advanced the draft, the Banking Committee has halted the process due to disagreements over the stablecoin yield provision.
However, there is some good news. A US senator stated that progress has been made on the cryptocurrency bill and the draft is expected to be released this week.
Tim Scott, chairman of the US Senate Banking Committee, said that behind-the-scenes discussions are making progress on the stalled Clarity Act bill, which aims to regulate the cryptocurrency market.
Scott added that a draft containing provisions regarding stablecoins could be released this week.
Speaking at the Digital Chamber of Commerce’s DC Blockchain Summit, Tim Scott said:
“I believe the draft will be published this week. Once the draft is made public, the direction of the law will become much clearer.”
According to Scott, stablecoin yields were the most debated issue in the bill.
Scott also added that Democratic Senator Angela Alsobrooks, Republican Senator Thom Tillis, and White House official Patrick Witt were actively working to resolve the issue.
Scott also reported that discussions are ongoing regarding several other controversial issues, including President Donald Trump and his family’s cryptocurrency projects and potential conflicts of interest, the bipartisan nature of key regulatory bodies, and Know Your Customer (KYC) regulations.
Scott stated that progress had been made on these issues and added that the overall outlook was positive.
*This is not investment advice.