The U.S. Senate has begun the first stage of voting on the Clarity Act, a bill aimed at providing much-needed regulatory clarity for the cryptocurrency industry. The legislation would require the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC) to create guidelines for determining whether a token is a security or not. This move comes as part of a multi-stage process in the Senate, which will need to clear a 60-vote hurdle to progress.
This article is Bitcoincryptos' summary and analysis of reporting originally published by CoinDesk. Read the full original report at the link above.
The bill's chances of passing are still uncertain, but it has been given a chance to proceed next month if enough votes can be secured.