One year after passing the House, the CLARITY Act still has not advanced in the Senate

Odaily reported that one year after the US House of Representatives passed the CLARITY Act, the bill has still not advanced 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 could establish clearer rules for the digital asset market.

House Majority Whip Tom Emmer stated 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 if GENIUS and USD-backed stablecoin laws already exist, the absence of a market structure bill means the digital asset ecosystem still lacks a regulatory framework to support its operation. On July 14, Senator Cynthia Lummis said that the Senate version of the CLARITY Act is ready and its text will be released within a few days.