Clarity Act unlikely to advance before April
According to a report by The Block, US Senate Majority Leader John Thune said he does not expect the Clarity Act, a bill aimed at providing regulatory clarity for the cryptocurrency industry, to clear the Senate Banking Committee before April 2023.
The Clarity Act was introduced to Congress late last year. Its goal is to create a clear regulatory framework for the digital assets industry in the US, particularly to define the status of cryptocurrencies and tokens as commodities or securities. The adoption of this law would help eliminate the legal uncertainty that has been hindering the development of the cryptocurrency market in the country.
However, as Thune reported, the bill is unlikely to be considered by the Banking Committee in the near future, making its passage by Congress before April 2023 highly improbable. This could be a serious blow to the cryptocurrency industry, which was hoping for a swift clarification of regulatory requirements.
Experts believe that the delay in the adoption of the Clarity Act could negatively impact investment attraction in US digital assets, as the uncertainty over the legal status of cryptocurrencies will continue to hinder the development of this sector.