The revised bill mandates that public officeholders divest significant crypto holdings or move them into blind trusts, a move aimed at curbing potential conflicts of interest. This provision follows intense pressure from Democrats regarding crypto ventures linked to Donald Trump and his family. Despite these adjustments, the legislation faces stiff resistance from banking groups, who argue that the current draft fails to mitigate risks associated with stablecoins competing against traditional bank deposits.
US Senate faces critical test on landmark cryptocurrency legislation
The U.S. Senate prepares to vote Tuesday on the Clarity Act, a high-stakes legislative push to establish a formal regulatory framework for digital assets. With the chamber divided and the election-year calendar shrinking, proponents must secure 60 votes to overcome procedural hurdles and advance the industry-backed measure.
Industry advocates have funneled hundreds of millions into lobbying for the bill, hoping to secure a more stable legal environment. However, analysts suggest the market has largely anticipated a stalemate. While a successful vote would signal a shift toward institutional legitimacy, failure at this juncture likely signals the end of the bill's viability for the current session. Can-Luca Köymen, an investment strategist at Sygnum, noted that while passage would reduce legal ambiguity and catalyze institutional activity, the market has already factored in the high probability of legislative paralysis.
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