The U.S. Senate moved forward with the encryption bill

According to Epoch Times, John Thune, the leader of the United States Senate majority party, brought the Clarity Bill to the Senate for vote on Saturday and planned to vote after the lawmakers ended their August recess. The purpose of the Act is to establish a federal regulatory framework for encrypted currency and digital assets, with clear regulations and the division of powers between federal agencies, distinguishing between securities and goods. Proponents believe that this would replace the previous SEC “enforcement regulation” approach and provide clearer rules for the industry. The bill requires the issuance and sale of digital assets to provide public disclosure to investors and creates a new SEC registration exemption to allow eligible projects to raise funds. The bill will also provide legal certainty for digital assets that have been determined not to be securities. Cynthia Lummis, Chairman of the Senate Sub-Committee on Digital Assets, expressed support for the bill as an important step in ensuring that the United States was ahead in the area of digital assets。