US Senator Hopes Cryptocurrency Market Structure Law Will Be Passed This Year
At the Bitcoin Policy Conference on June 26, Senator Cynthia Lummis announced that Congress plans to pass the cryptocurrency market structure bill named the CLARITY Act and the cryptocurrency price stability bill GENIUS Act before the end of this calendar year. She affirmed she would be "very disappointed" if these laws are not passed before 2026.
Challenges in Achieving Bipartisan Consensus
In her role as Chair of the Digital Assets Subcommittee of the Senate Banking Committee, Ms. Lummis acknowledged the difficulties in promoting consensus between Democratic and Republican senators. Some Democratic members have requested an investigation into potential conflicts of interest in the Trump family's cryptocurrency activities before the bill's content is passed.
Expected Timeline and Political Factors Affecting US Cryptocurrency Law
The deadline for completing the two bills that Ms. Lummis is targeting is before 2026, slightly later than Bo Hines – Executive Director of the Presidential Advisory Committee on Digital Assets – predicted that the CLARITY Act could be completed before the Congressional recess in August. Former President Donald Trump also declared in June that he is ready to sign the bill if there are no controversial "additional provisions".
Since the Republican Party currently holds a slight advantage in the House of Representatives, these two bills will likely need support from some Democratic senators to ensure enough votes to pass.
Information about the CLARITY Act and GENIUS Act is not only a turning point in US cryptocurrency policy but also creates a premise for sustainable development of the global cryptocurrency market. Closely following these developments helps investors stay updated on regulations, thereby optimizing trading strategies and effectively protecting digital assets.
