The Senate Banking Committee votes Thursday on the CLARITY Act, comprehensive crypto legislation that would give 50 million U.S. crypto holders clear regulatory rules after years of uncertainty under the SEC and CFTC.
What The Bill Does
The CLARITY Act establishes clear rules separating which digital assets are securities and which are commodities, ending the jurisdictional confusion between the SEC and CFTC that has plagued the industry.
The bill requires digital asset exchanges, brokers, and dealers to comply with Bank Secrecy Act regulations, including anti-money laundering programs, suspicious activity reporting, and sanctions compliance.
The legislation protects software developers who publish code without controlling customer funds and preserves Americans’ ability to self-custody their digital assets.
It also requires registration of Bitcoin (CRYPTO: BTC) ATMs with customer warnings, receipts, holding periods, and withdrawal limits.
Democrats Want Trump Conflict-Of-Interest Provision
Senator Elizabeth Warren (D-Mass.) …
