CHAIRMAN OF THE UNITED STATES SENATE BANKING COMMISSION: BILL CLARITY WILL BE PUT TO A VOTE BEFORE CONGRESS IS ADJOURNED

On 7 August, Tim Scott, Chairman of the United States Senate Banking Commission, stated that the CLARITY Act, which regulates the encrypted money market, would vote “without doubt” before Congress recess. Scott, in an interview with Fox News, indicated that the Senate might extend its working hours beyond the next two days to move the relevant legislation forward. He stated that there was an emerging consensus within the Republican party on the bill and that it was “in the interest of the United States” to move the encryption regulatory framework forward. Tim Scott says, "We'll do it." The CLARITY Bill aims to further clarify the U.S. regulatory framework for digital assets by delineating the regulatory responsibilities of the US Securities and Exchange Commission (SEC) and the Commodity Futures and Exchange Commission (CFTC) in the encrypted market. Proponents believe that the bill will provide a clearer set of rules for the industry and will promote United States competitiveness in the area of digital assets. At present, the bill is still faced with disputes within Congress over consumer protection, regulatory powers and market risk. Its eventual adoption would be an important step in the development of the United States encryption system。