Svmuu News: One year after the U.S. House of Representatives passed the CLARITY Act, the bill has yet to make headway in the Senate. On July 17, House members held a hearing at the Federal Hall National Memorial in New York to discuss how the bill would establish clearer rules for the digital asset market.
House Majority Whip Tom Emmer noted that nearly 80 Democrats and Republicans jointly passed the CLARITY Act, but the Senate has yet to make measurable progress. Participants in the hearing included representatives from Nova Labs, Bullish, WisdomTree, and Coin Center.
French Hill, Chairman of the House Financial Services Committee, noted that even with existing legislation on GENIUS and USD-backed stablecoins, the digital asset ecosystem still lacks a regulatory framework to support its operations without a market structure bill. Senator Cynthia Lummis stated on July 14 that the Senate version of the CLARITY Act is ready, and the bill text will be released within a few days.