Senators oppose Senate vote on CLARITY Act
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- Several US senators have urged Senate leaders not to advance the CLARITY Act.
- The lawmakers said the bill could weaken oversight of the crypto industry.
- Supporters argue the legislation would provide clearer rules for digital assets.
A group of US senators has urged Senate leaders to delay consideration of the CLARITY Act, arguing the bill needs stronger investor protections.
The lawmakers said the proposed legislation could reduce regulatory oversight of cryptocurrency markets and create gaps in enforcement.
"Congress should not weaken protections for investors and consumers," the senators said.
The CLARITY Act would establish a regulatory framework for digital assets and define the roles of the Securities and Exchange Commission and the Commodity Futures Trading Commission.
Supporters of the bill said clearer rules would encourage innovation and reduce uncertainty for crypto businesses operating in the United States.
The legislation is part of a broader effort by US lawmakers to create a comprehensive legal framework for digital assets.
The debate highlights ongoing divisions in Congress over how cryptocurrencies should be regulated while supporting innovation and protecting investors.