Senate Banking Committee Passes Clarity Act

WASHINGTON, D.C. – After months of negotiations, the Senate Banking, Housing, and Urban Affairs Committee passed the Digital Asset Market Clarity Act (Clarity Act) today. This legislation establishes regulatory parameters for digital assets, eliminating the unclear framework which has long plagued the industry. The bill heads to the Senate floor for consideration. U.S. Senator Kevin Cramer (R-ND), member of the Banking Committee, celebrated the markup. “Today’s successful bipartisan markup of the Clarity Act in the Banking Committee establishes American regulatory guardrails around this emerging technology. We’ve already watched the majority of the industry leave for unregulated overseas markets, leaving consumers completely vulnerable to fraud or abuse. There’s more to be done to perfect this bill, but we’re working with Democrats on the committee to refine this framework and incubate a promising industry.”