Senate Agriculture Committee Advances CLARITY Act Amid Partisan Divide

The Senate Agriculture Committee has moved forward with its section of the CLARITY Act, passing it in a close 12-11 vote along party lines, without any backing from Democratic members. According to NS3.AI, this segment of the legislation classifies digital assets as commodities, placing them under the jurisdiction of the Commodity Futures Trading Commission (CFTC). However, contentious elements concerning the Securities and Exchange Commission (SEC), stablecoins, and decentralized finance (DeFi) remain unresolved and are being addressed by other committees. The bill's progression faces significant challenges, as it requires bipartisan cooperation to advance through the Senate Banking Committee and secure approval before the upcoming midterm elections.