U.S. Senator Cynthia Lummis stated that the CLARITY bill will not be hindered by ethical issues; the real uncertainty lies in whether Democrats are willing to support moving the process forward. The Senate is scheduled to vote on a procedural motion on September 15th, and this step will determine whether the bill can proceed to the formal debate stage.
On September 15th, a procedural motion will be submitted first.
This vote is regarding the cloture motion for H.R .3633, and it is not the final vote on the CLARITY bill. Only if the motion is passed will the Senate be able to proceed with further deliberations.
Currently, the Republican Party holds 53 seats in the Senate, and this motion requires 60 votes to pass. This means that even if all Republicans support it, at least 7 Democrats or independent senators would need to switch to voting in favor.
According to Lummis, if this step fails, the reason will not be ethical controversies, but rather that the Democratic Party did not join a bipartisan bill that she claims takes into account both consumer protection and industry development.
The bill has passed the Banking Committee.
CLARITY The bill was previously passed by the Senate Banking Committee with a vote of 15 to 9, gaining cross-party support. Lummis It is stated that the United States needs to establish clearer regulatory rules for digital assets as soon as possible in order to maintain its leading position in this industry.
She also criticized that some of the modification suggestions currently put forward by the Democratic Party may give future regulatory agencies too much discretionary power over the crypto industry. She believes that there is still room for negotiation regarding the existing differences, but that is contingent on the other party being willing to compromise.
If the procedural motion on September 15th is not passed, the likelihood of the bill continuing to progress during this legislative session will significantly decrease, and both parties in Congress will face greater negotiation pressure at that time.
CLARITY Bill proposes to adjust regulatory division of labor
According to Lummis, the CLARITY legislation will establish a clearer regulatory framework for digital assets by dividing the responsibilities of the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC).
She also mentioned the issue of customer compensation after the collapse of FTX, stating that due to the lack of clear regulations in current law regarding the bankruptcy disposal of digital assets, some customers have had to wait for many years to gradually recover their funds. If the proposed bill is enacted, digital goods will be treated as customer property.
Lummis also indicates that the United States needs to regulate and retain the crypto industry under its own rules in order to protect consumers and encourage companies to continue developing in the country. She warns that every delay in passing the legislation could weaken the United States' leading position in the field of digital assets.
Additional information:Coinpedia Previous reports stated that Lummis had warned that if this round of market structure legislation fails, the next major opportunity for progress might not come until 2030.
