The United States Senate Banking Committee is set to consider landmark cryptocurrency legislation on Thursday in a major step toward regulating the digital asset industry.
The proposed Clarity Act aims to define how cryptocurrencies are regulated in the US and clarify whether digital tokens should be treated as securities or commodities.
The committee debate and vote will test whether the Republican-backed bill can garner enough Democratic support to pass the full Senate.
Elizabeth Warren, the committee’s top Democrat, has criticized the proposal, arguing that its anti-money laundering protections are too weak and warning that it could threaten national security and the financial system.
According to Reuters, the cryptocurrency industry has lobbied heavily for the legislation, saying that clear rules are needed to spur growth and widespread adoption of digital assets.
“It took many years to get to this point,” Miller Whitehouse-Levin said.
Banking groups have also opposed parts of the bill, particularly provisions related to stablecoins, arguing that they could create competition for traditional bank deposits.
US President Donald Trump has prioritized cryptocurrency reform during his second term, with the White House reportedly pushing hard for approval of the bill.
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