Senate to Review CLARITY Act on Cryptocurrency Regulation

According to ChainCatcher, White House AI and cryptocurrency affairs head David Sacks announced that the CLARITY Act, a significant cryptocurrency market structure bill, is moving closer to becoming law. The bill is expected to undergo Senate review and amendments in January. Sacks stated on Thursday via the X platform that Senate Banking Committee Chairman Tim Scott and Agriculture Committee Chairman John Boozman have confirmed the bipartisan cryptocurrency bill will be finalized in the Senate next month. The CLARITY Act aims to define crypto securities and commodities clearly, delineating the responsibilities of the Securities and Exchange Commission (SEC), the Commodity Futures Trading Commission (CFTC), and other financial regulators. Proponents of the bill argue that it will reduce regulatory uncertainty for crypto companies by establishing a clearer compliance path, enhancing investor protection while encouraging innovation. The House of Representatives passed the bill in July, and the Senate will now proceed with review, amendments, and debate before a full Senate vote. Tim Scott needs to secure an absolute majority to prevent the bill from being indefinitely shelved. If the Senate passes the bill with amendments, it will return to the House for final approval before being sent to U.S. President Donald Trump's desk.