U.S. Congressman French Hill is seeking bipartisan support to pass the Clarity Act, a legislative proposal aimed at establishing a regulatory framework for the cryptocurrency market. The bill seeks to formally categorize digital assets as securities, commodities, or stablecoins, clarifying the oversight responsibilities of various government regulators.
The House of Representatives originally passed the bill last July, but progress stalled due to disagreements between the banking lobby and crypto firms regarding stablecoin yield payments. A new draft introduced in July addresses ethics concerns by prohibiting government officials from promoting or profiting from cryptocurrency activities.
Lawmakers have scheduled a vote on the legislation for September 15. Hill noted that Democrats and Republicans have narrowed their differences on the draft. The bill has received support from industry participants, including Coinbase, while President Donald Trump has publicly advocated for the legislation to maintain U.S. leadership in the sector.
