Key Progress Made on Crypto Legislation
U.S. Senate Banking Committee Chair Tim Scott recently revealed that the highly anticipated Digital Asset Market Clarity Act has reached a critical stage and is set for a committee vote soon. The bill aims to establish a clear regulatory framework for the crypto market, boosting investor confidence.
Trump-related Provisions Addressed Separately
Scott emphasized that ethics-related clauses concerning senior government officials’ participation in crypto will be handled outside the committee’s jurisdiction. This move is expected to accelerate the overall legislative process.
Stablecoin Incentive Rules Revised
Debates over stablecoin incentives led to a revised version of the bill, which now only permits rewards tied to active usage and trading, removing provisions for holding assets passively.
- Passage would bring regulatory clarity to the sector
- Some Democrats have expressed support
- Goal remains to finalize legislation this year
Scott noted that if the vote goes smoothly and gains bipartisan backing, the bill could become law this year, laying a foundation for the long-term growth of the digital asset market.