The ongoing discussions and negotiations around the CLARITY Act could be wrapped up by April in the U.S. The timeline was revealed by Senator Bernie Moreno from Ohio during a televised interview on Wednesday.
The CLARITY Act or the U.S. crypto market structure bill is being designed as a comprehensive set of guidelines to shape-up the digital assets sector in the nation that hosts the world’s largest capital market. The legislation will focus on investor protection, outline legal mandates for crypto firms, and align the U.S. crypto market with global standards. The bill further proposes to grant crypto oversight to the SEC and the CFTC in the U.S.
The Senate committees of banking and agriculture — that respectively oversee the SEC and the CFTC — have collectively been working on the draft legislation. Players form the crypto industry are also actively participating in discussions with the policymakers to ensure that the bill is fair to the industry as well as to the investors and to the national interest.
Senator Moreno from the Republican Party, during an interview with CNBC said that, “We’re going to get this bill across the finish line, hopefully by April.”
Coinbase chief Brian Armstrong had joined Senator Moreno for this interview. He said the proposed rules that were drafted by the banking and agriculture committees had some issues which got everybody back to the table again.
Armstrong was referring to his January 15 statement wherein he had withdrawn support from the draft CLARITY Act citing a plethora of issues like eliminating rewards on stablecoins that would allow banks to kill their competition.
Following Armstrong’s strong pushback, another round of discussions on the CLARITY Act kicked off in Washington, that are still ongoing.
The CLARITY Act will need clearance from the Congress before it gets to head to the Presidential table for Donald Trump’s sign.