BlockBeats News, May 15th. The U.S. Senate Banking Committee passed the Cryptocurrency Market Structure Act (also known as the CLARITY Act) with 15 votes in favor and 9 against. The bill has been officially submitted to the full Senate for a vote.
The CLARITY Act still has several steps to go through before becoming law. If the Senate version is identical to the version passed by the House, the bill will go directly to the President for signature (or become law automatically). More commonly, if there are differences between the two versions, it will enter a reconciliation phase. This can be done through "amendment exchange" or by forming a conference committee to negotiate a final unified text, which will then be voted on by both chambers. After both chambers pass the exact same text, the bill is formally presented to the President. This entire process could still take weeks to months.
The latest version of the CLARITY Act released highlights its importance for DeFi, providing clearer legal protection and developer safeguards for DeFi developers in the U.S. Regarding the issue of yields, the CLARITY Act could bring new growth to DeFi, similar to how the GENIUS Act advanced stablecoin development.
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